Saudi Ara­bia raises $4.5bn in first lo­cal bond this year

Muscat Daily - - BUSINESS -

Saudi Ara­bia raised SAR17bn (US$4.5bn) from its first lo­cal Is­lamic bond sale this year as the big­gest Arab econ­omy seeks funds to bridge a bud­get deficit amid low oil prices.

The gov­ern­ment re­ceived in­vestor of­fers in ex­cess of SAR51bn, three times the deal size, ac­cord­ing to a state­ment posted on the Min­istry of Fi­nance web­site. The king­dom sold SAR12bn of bonds ma­tur­ing in 2022, SAR2.9bn of seven year notes and SAR2.1bn of ten year bonds, ac­cord­ing to the state­ment.

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