World
Saudi Arabia issues nearly $9.6 bln local sukuk after early redemptions
The Saudi government has issued new local currency Islamic bonds worth around 35.9 billion riyals ($9.57 billion) after buying back some of its existing sukuk worth over 35.7 billion riyals, the National Debt Management Center said on Sunday.
The sukuk that were redeemed early were set to mature in 2024, 2025 and 2026. The new issues were across four tranches of around 7.5 billion riyals maturing in 2031, roughly 14.5 billion riyals due in 2032, around 10.8 billion riyals maturing in 2033 and about 3.2 billion riyals due in 2038.
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NDMC said the move was part of its efforts to strengthen the domestic debt market as well as manage government debt obligations.
HSBC Saudi Arabia, AlRajhi Capital, SNB Capital and AlJazira Capital were joint lead managers on the debt transaction, NDMC said.
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