STC Launches Dollar-Denominated International Sukuk Under $5 Billion Program

Thursday 8 January 2026 08:29

Saudi Telecom Company (STC) has launched the issuance of US dollar-denominated international sukuk starting January 8, as part of its $5 billion global sukuk program, through a special purpose vehicle (SPV) established outside the Kingdom of Saudi Arabia.

In a statement to Tadawul Saudi Arabia on Thursday, the company said that the issue size and final terms will be determined based on market conditions, with the offering expected to close on January 9. The sukuk issuance targets qualified investors in jurisdictions where the offer is conducted, in line with applicable laws and regulations.

STC appointed a consortium of leading financial institutions to manage the issuance, including BNP Paribas, Citi, Dubai Islamic Bank, Emirates NBD, HSBC, Islamic Corporation for the Development of the Private Sector (ICD), Kuwait Finance House, Mashreq Bank, National Bank of Greece, AlAhli Capital, and Standard Chartered.

The nominal value and minimum subscription for the sukuk is set at $200,000, with increments of $1,000 and multiples thereafter, or their equivalent in other currencies at the issue date.

The pricing, yield, and maturity of the sukuk will be determined subject to market conditions, with early redemption possible in certain cases, as outlined in the offering circular. The sukuk will be listed on the International Securities Market of the London Stock Exchange, and may be sold under Regulation S and Rule 144A of the US Securities Act of 1933.