RIYADH: Saudi Arabia’s National Debt Management Center has raised SR5.83 billion ($1.55 billion) through its latest sukuk issuance, maintaining monthly offerings above the $1 billion mark.
The November total represents a 22.7 percent decline from October, when the Kingdom raised SR7.54 billion. Saudi Arabia issued SR8.03 billion in September and SR5.31 billion in August, extending a trend of strong activity in the domestic debt market.
Sukuk are Shariah-compliant financial instruments similar to bonds, granting investors a share of an issuer’s underlying assets and adhering to Islamic finance principles that prohibit interest-based transactions.
According to NDMC, the November issuance was divided into five tranches. The first tranche was valued at SR700 million and is set to mature in 2027. The second amounted to SR1.37 billion, maturing in 2029, while the third tranche, worth SR180 million, will expire in 2032.
The fourth portion, valued at SR197 million, is due in 2036, while the last tranche due in 2039 was valued at SR3.38 billion.
