Categories: Bonds

Saudi Arabia Executes $9.5 Billion Debt Buyback and Sukuk Issuance

Saudi Arabia has completed an early purchase of more than 35.7 billion riyals ($9.5 billion) of outstanding debt and will issue about 35.9 billion riyals in sukuk as the kingdom plans to bolster its domestic market.

The government bought a portion of its debt instruments maturing in 2024, 2025 and 2026, the National Debt Management Center said in a statement on Sunday.

The buyback represents the largest early purchase transaction arranged by NDMC.

The Saudi government will issue new sukuk worth 35.9 billion riyals under the Local Saudi Sukuk Issuance Program, NDMC said. The program will be divided into four tranches, with issuances maturing in 2031, 2032, 2033 and 2038.

The initiative is part of NDMC’s efforts to strengthen the domestic market and “to keep up with market developments which have been reflected positively on the growing trading volume in the secondary market,” the agency said.

The transaction will also align NDMC’s efforts with other initiatives to enhance public finances in the medium and long term. HSBC Saudi Arabia, Al Rajhi Capital, SNB Capital, and AlJazira Capital have been appointed as joint lead managers to lead the transaction.

Investors King

Share
Published by
Investors King

Recent Posts

How Nigeria’s National Power Grid Collapsed Ten Times Within 9 Months 

The national power grid has again collapsed, leaving many Nigerians in total darkness. Investors King…

3 hours ago

Darkness Falls Again: TCN Explains Latest National Grid Collapse

The Transmission Company of Nigeria (TCN) has provided an explanation for the latest National Grid…

3 hours ago

FG Abolishes 18-Year Age Benchmark For Admission Into Tertiary Institutions

The new Minister of Education, Tunji Alausa, has abolished the controversial 18-year admission benchmark for…

3 hours ago

Gov Aiyedatiwa Signs ₦96 Billion Supplementary Budget Into Law, Hails Ondo House of Assembly For Swift Passage

The Governor of Ondo State, Lucky Aiyedatiwa, has expressed gratitude to the State House of…

3 hours ago

EFCC Nabs Ex-Delta Governor, Okowa, For Alleged N1.3trn Fraud

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested former Delta State Governor,…

3 hours ago

FG Frees Minors Remanded For Protesting Hunger In Nigeria

Some minors who joined the nationwide #EndBadGovernance in Nigeria have regained their freedom. Their release…

3 hours ago