Saudi Arabia this week raised a total of $4.5bn in new debt in two issues of international and domestic Islamic sukuks. On the international market, the Saudi Ministry of Finance said that it sold $2.5bn in sukuks in an oversubscribed deal which attracted book orders of more than $13bn.
The sukuk issue, maturing in October 2029, was priced at 127 basis points over the benchmark mid-swaps rate. The issue was lead-managed by JP Morgan, Standard Chartered, and Aljazira Capital, and will be listed on the London Stock Exchange. This sale completes Riyadh’s 2019 external funding requirements, according to a document issued by one of the lead managers and seen by Reuters. (CONTINUED - 194 WORDS)