Saudi Arabia raises $3.25 billion in two-tranche sukuk sale, IFR reports
Saudi Arabia has raised $3.25 billion in a two-tranche sale of US dollar-denominated Islamic bonds, or sukuk, IFR reported on Tuesday, marking the kingdom’s second debt market transaction this year and its first since tensions with Iran escalated. The issuance comprised $1.25 billion of five-year sukuk and $2 billion of 10-year sukuk, priced at final spreads of 70 and 80 basis points respectively…
Saudi Arabia has successfully raised $3.25 billion through a two-tranche sale of US dollar-denominated Islamic bonds, or sukuk, according to IFR. This marks the kingdom's second debt market transaction this year and its first since tensions with Iran escalated. The issuance included $1.25 billion of five-year sukuk and $2 billion of 10-year sukuk, priced at final spreads of 70 and 80 basis points respectively over US Treasuries.
Demand for the bonds was strong, with combined orders exceeding $15 billion, and the proceeds will be used for general domestic budgetary needs. Major global banks, including Citi, Goldman Sachs International, HSBC, JPMorgan, and Standard Chartered, acted as global coordinators and joint bookrunners, while several banks in the Middle East and Europe served as passive joint lead managers.
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