NDMC arranges first partial repurchase offer for Kingdom’s dollar-denominated bonds; issues $5 bln sukuk, bonds

Logo of National Debt Management Center (NDMC)

National Debt Management Center (NDMC), on behalf of the Ministry of Finance, announced inviting investors for the first partial repurchase of US dollar-denominated bonds, maturing in 2023, 2025 and 2026, according to a statement.

The tender offers are being made as part of the Kingdom's effective debt management, which includes the pro-active management of its refinancing risk and future maturities of the debt portfolio.

The repurchase amounts will be announced upon completion of the offers' window on Oct. 24, NDMC noted.

NDMC also announced the completion of receiving investor requests for the first international issuance of sukuk and bonds this year, as part of the Kingdom's Global Trust Certificate Issuance Programme and Global Medium Term Note Issuance Programme.

The total amount of all bids received exceeded $27 billion, which was 5x oversubscribed. The issuance totaled $5 billion (SAR 18.75 billion), divided into two tranches, the first of which is valued at $2.5 billion (SAR 9.4 billion) for six-year sukuk maturing in 2028.

The second tranche amounted to $2.5 billion (SAR 9.4 billion) for 10-year bonds maturing in 2032.