RIYADH: º£½ÇÖ±²¥â€™sÌıNational Debt Management Center announcedÌıthe closure ofÌıthe riyal-denominatedÌısukuk programÌıissuance for JuneÌıwithÌıthe total bid amount received atÌıSR2.5ÌıbillionÌı($667 million).ÌıÌıÌı
The total amountÌıallocatedÌıwas SR7.43 billion with theÌısukukÌıissuanceÌıdivided into tranchesÌı—Ìıthe first has a size of SR622 million maturing in 2030. The second tranche was valued at SR1.84 billion millionÌımaturing in 2035, the NDMC said in a statementÌıÌı
Also called an Islamic bond,ÌısukukÌıis a debt product issued according to Shariah or Islamic laws.ÌıÌıÌıÌı
“This issuance confirms the NDMC's statement in the mid of February of this year that NDMC will continue, in accordance with the approved Annual Borrowing Plan, to consider additional funding activities subject to market conditions and through available funding channels locally or internationally,â€ÌıNDMC’s websiteÌıstated.ÌıÌı
This is to ensureÌıthe Kingdom's continuous presence in debt markets and manage the debt repayments for the coming years while considering market movements and the government debt portfolio riskÌımanagement, theÌıstatementÌıadded.ÌıÌı
According to anÌıS&P GlobalÌıreport released in January,Ìıglobal sukuk issuances are expected to continue declining in 2023 to aboutÌı$150 billionÌıcompared toÌı$155.8 billionÌıin 2022 andÌı$170.4 billionÌıin 2021.ÌıÌıÌıÌı
Ìı
