Saudi Arabia completes portion of outstanding bonds valued at $9 bn, issues new sukuk

Saudi Arabia completes portion of outstanding bonds valued at $9 bn, issues new sukuk

Saudi Arabia completed an early redemption of a portion of outstanding bonds maturing in August, September, November and December of this year with a total value of 34.26 billion riyals ($9.14 billion), the Ministry of Finance announced on Monday.

The Kingdom also issued new sukuk (Sharia-compliant bonds) under its local sukuk program. The new sukuk issuances comprise four tranches with a total value of 36.645 billion riyals.

“The first tranche with an amount of 8.97 billion riyals maturing in 2024, the second tranche with an amount of 6.025 billion maturing in 2028, the third tranche with an amount of 6.5 billion maturing in 2032 and the fourth tranche with an amount of 13.15 billion maturing in 2035,” the ministry said in its statement.

HSBC Saudi Arabia and Samba Capital & Investment Management Company were appointed as joint placement agents and dealer managers.

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