NDMC closes $10 bln bond offering, orders near $38 bln

Logo of the National Debt Management Center (NDMC)

The National Debt Management Center (NDMC) successfully completed the first international offering in 2023 under the Kingdom's Global Medium-Term Note Issuance (GMTN) Programme at a total value of $10 billion.

In a statement today, Jan. 11, NDMC said the total order book reached $38 billion. The offering was 3.8 times oversubscribed (SAR 37.50 billion).

The Kingdom issued $10 billion, triple-tranche bond offering.

The value of the first tranche was set at $3.25 billion (SAR 12.19 billion) for a 5-year bond maturing in January 2028.

The second totaled $3.50 billion (SAR 13.13 billion) for a 10.5-year bond maturing in July 2033. The third tranche totaled $3.25 billion (SAR 12.19 billion) for a 30-year bond maturing in January 2053.

This move is part of NDMC's strategy to diversify the investor base and meet the Kingdom's financing needs from international debt capital markets efficiently and effectively. The bid-to-cover ratio reflects the strong demand of the Kingdom's issuances, confirming the investors' confidence in the strength of the Kingdom's economy and its investment opportunities future, NDMC concluded.