Saudi Arabia issues SAR 7 bln sukuk; bids total SAR 24 bln

Saudi Arabia has issued domestic sukuk worth SAR 7 billion, the finance ministry said in a statement late Monday.

The sukuk comprised three tranches: the first tranche of SAR 2.4 billion matures in 2022, the second tranche worth SAR 3.9 billion matures in 2024, while the third one’s size is set at SAR 700 million and matures in 2027.

The issue received over SAR 24 billion worth of bids from investors, the ministry said.

The sukuk program comes as a part of the Debt Management Office’s objective of securing the Kingdom's financing at the best possible cost.