Saudi International Petrochemical Company (Sipchem) [2310.SE] has announced its intention to effect an early redemption of its SAR1.8bn sukuk. In a statement to Tadawul, the company noted that it is planning to exercise its right of early redemption, and that it will pay back the sukuk on 15 June, around three weeks earlier than the due date of 6 July 2016. We view this positively as it is likely an indication that the company got significant interest for its proposed second sukuk during its meetings with investors in May, in our view. The company announced in early May that its board of directors (BoD) had approved the offering of a second sukuk, and that the company would begin meeting with investors for a private placement in May. (Tadawul, Yousef Husseini)   SIPCHEM: SAR14.17 as of 11 May 2016, Rating: Neutral, FV: SAR14.00 per share, MCap: USD1,386 million, SIPCHEM AB / 2310.SE