The Gulf region's largest utility company, Saudi Electricity Co has chosen two banks to schedule meetings with fixed income investors from Europe and North America for possible debt agreements. The banks chosen were Deutsche Bank and HSBC Holdings.

The meetings would be considered as road shows, with the first to be held on March 19 in Los Angeles, CA and would end in London, UK by March 25 of this year. After these road shows, a dollar denominated bond issue would then follow depending on market conditions.

Previously, Saudi Electric priced a US$1.75 billion Islamic bond split into two parts, a five year US$500 million and a ten year US$1.25 billion bond issue. The said issue was done back in March 2012 with the five year bond trading at 114 basis points with its longest running tranche at 137 basis points according to data obtained by Thomson Reuters. The firm was affirmed a AA- rating by Fitch.