Saudi Arabia Raises $1.9 Billion From Islamic Bond
- Kingdom has tapped domestic debt mkt for 39b riyals this year
- Borrowing to help bridge budget gap amid lower oil prices
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Saudi Arabia raised 7 billion riyals ($1.9 billion) from domestic sukuk sales as the kingdom seeks to bolster its finances amid an economic overhaul and lower oil prices.
The government received more than 24 billion riyals in bids for its third riyal-denominated Islamic bond sale, according to a statement on the Ministry of Finance’s website. It raised 2.4 billion riyals from a five-year tranche priced at 2.75 percent, 3.9 billion riyals from seven-year notes at 3.25 percent and 700 million riyals through a 10-year tranche at 3.45 percent, people familiar with the matter said, asking not to be identified because the information is private.