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Saudi Arabia raises $2.5 bln through sukuk: Ministry of Finance

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Saudi Arabia raised $2.5 billion through sukuk, or sharia-compliant bonds, that attracted orders amounting to more than $13 billion, the Saudi Finance Ministry said in a statement on Wednesday.

“The issuance was 5 times oversubscribed… reflecting the strength and robustness of the Saudi economy,” the statement said.

“The level of investor demand demonstrates that the Kingdom represents the region’s safe haven for fixed income investors,” it added.

The sukuk mature in 2029 and were arranged by JPMorgan, Standard Chartered and Bank Al Jazira Capital.