ECONOMY

Saudi Arabia launches new Islamic bonds worth $2 billion

The issue is expected to be settled on September 19, 2018 or at a date close to it

Saudi Ministry of Finance, through the Office of Public Debt Management, has announced that it has completed receiving investors' requests for its second international issuance under the Saudi Government Sukuk Program in US Dollars as part of the Ministry of Finance's strategy to develop Shariah-compliant capital markets.

The volume of the issue was set at a total amount of US $ 2 billion for Sukuk maturing in January 2029. The issue is expected to be settled on September 19, 2018 or at a date close to it.

The issue attracted more than US $ 10 billion, reflecting the strength of the Saudi economy, which is a global investment force for its safe haven for fixed-income investors.

The Public Debt Management Department at the Ministry of Finance established the International Sukuk Program in April 2017. As part of this program, the Office has appointed a number of local and international investment banks to coordinate and arrange international Sukuk denominated in US Dollars under this program.

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Last Update: Thursday, 13 September 2018 KSA 09:40 - GMT 06:40
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