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.
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