Saudis raise $4.53bn in over­sub­scribed sukuk

Kuwait Times - - FRONT PAGE -

RIYADH: Saudi Ara­bia has raised $4.53 bil­lion from a lo­cal Is­lamic bond is­sue that was three times over­sub­scribed, it said yes­ter­day as it bat­tles a bud­get deficit caused by low oil rev­enues. The fi­nance min­istry said or­ders ex­ceeded 52 bil­lion riyals ($13.6 bil­lion) for its first is­sue of do­mes­tic sukuk bonds worth 17 bil­lion riyals. It said the new bonds would be di­vided into three tranches, with ma­tu­ri­ties rang­ing from five to ten years. “The strong de­mand for lo­cal bonds re­flects the con­fi­dence of in­vestors in the king­dom’s is­su­ings and con­firms the strength of the Saudi econ­omy’s foun­da­tions,” the min­istry said in a state­ment.

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