Saudi Arabia issues $3.25B sukuk

Saudi Arabia has issued an international sukuk worth $3.25 billion, aimed at funding the budget amidst turbulence in global bond markets and rising inflation concerns due to increasing oil prices. The Saudi Ministry of Finance received strong purchase orders, with demand exceeding $6 billion for the five-year tranche and $7.5 billion for the ten-year tranche, despite unstable market conditions. The final yields for the sukuk were 70 basis points over the US Treasury bonds for five years and 80 basis points for ten years, representing a 30 basis points decrease from the initial guidelines, reflecting strong demand for Saudi debt instruments. The issuance is used to finance fiscal needs, while the Kingdom is also considering raising $8 billion through a new loan, with expectations that the budget deficit will decrease to 3.7% of GDP thanks to rising oil prices.

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