Saudi Electricity appoints Deutsche Bank, HSBC, and J.P. Morgan to manage its sukuk offering

Saudi Electricity Co., which is 74 percent owned by the Saudi government, has appointed Deutsche Bank, HSBC and J.P. Morgan to manage its upcoming Islamic bond, or sukuk, issue.

The monopoly utility provider, which is 74 percent owned by the Saudi government, will go on a road show in Europe and the US starting March 25. The company will be holding meetings with fixed income investors.

The company added that it might also offer Regulation S and Rule 144A sukuk, pending market condition and necessary regulatory approval