Saudi Aramco’s riyal sukuk raises SAR 11.25 bln

Saudi Aramco has raised SAR 11.25 billion ($3 billion) in its debut riyal-denominated sukuk issuance, Reuters reported on Wednesday, citing sources familiar with the matter.

The oil giant’s first-ever riyal sukuk issue is part of a program to raise SAR 37.5 billion ($10 billion), aimed at diversifying revenues in the wake of the oil price plunge.

Saudi Aramco on March 29 finished pricing its riyal-denominated sukuk issue at 25 basis points over the Saudi Arabian Interbank Offered Rate (SAIBOR), Argaam reported earlier.

Aramco's debut deal is likely to be followed by a dollar-denominated Saudi sovereign sukuk issue as early as next week, with the same hybrid structure.

The Islamic bond, expected at $10 billion, will be the country's second international debt sale after a $17.5 billion conventional bond in October last year.