Thndr Claps » Saudi Claps » Islamic Finance 🕌 » Saudi Arabia raises $5 billion 💸
The ClapSaudi Arabia sold $5 billion in bonds and Sukuks, after demand exceeded $26.5 billion, according to Reuters.
The DeetsThe world’s largest oil exporter has sold 6-year Sukuks for $2.5 billion at a premium of 105 basis points above the yield on US bonds for the same term.
In addition to that, KSA also sold 10-year bonds for $2.5 billion at a yield of 150 basis points above the yield on US bonds for the same term.
The OfferingThe pricing of Saudi debt instruments was lower than the return that was specified prior to the offering.
KSA was offering a premium on Sukuks of 135 basis points and a premium on bond yields of 180 basis points.
The bond and Sukuk offering was managed by BNP Paribas, Goldman Sachs, and HSBC.
Why this MattersThis is KSA’s first international bond sale since November 2021.
What NowA disclosure to the London Stock Exchange showed that Saudi Arabia has set a maximum amount of $1 billion for a tender to buy back bonds due between 2023 and 2026.
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