Cairo - Decypha: Saudi Aramco, the world’s largest oil producer, picked four banks to advise on its first bond sale, reported the Financial Tribute.
The company selected HSBC Holdings Plc’s local unit and Riyad Capital to help with the sale of riyal-denominated Islamic bonds, or sukuk, before the end of June, said the people, asking not to be identified as the information is private, Bloomberg reported.
NCB Capital Co. and Alinma Investment Co. are also working on the deal that could be followed by the sale of dollar-denominated bonds, two other people said. The sukuk is part of Aramco’s plans to raise as much as $10 billion in bonds this year, one of the people said.
A survey by EFG Hermes on the expected value of Aramco's market capital is expected to reach a total value between $1 billion and $1.5 billion, reported Decypha.
