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Saudi Arabia to launch second local currency sukuk programme

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Saudi Arabia plans to launch its second local currency sukuk issuance next week, beginning 20 August

Saudi Arabia plans to launch the second issue of its local currency sukuk programme during the week beginning on 20 August, the Saudi ministry of finance said on Wednesday 16 August.

Reuters have reported, stating that Saudi Arabia made its first offer of riyal-denominated sukuk, or Islamic bonds, in late July.

The Saudi government is raising debt financing to cover a budget deicit caused by lower oil prices. The first issuance raised 17 billion riyals (US$4.53bn). 

According to Bloomberg's report of Saudi Arabia's first issuance programme, "The Saudi government sold dollar-denominated bonds due in five years yielding 135 basis points more than similar-maturity U.S. Treasuries, 10-year notes at a spread of 165 basis points and 30-year securities at 210 basis points, according to person familiar with the matter who is not authorized to speak publicly and asked not to be identified. The kingdom raised US$5.5bn in each of the five- and 10-year bonds and US$6.5bn in 30-year debt. People with knowledge of the offering earlier said investors submitted US$67bn in bids."

One $1 is equal to 3.7501 riyals.

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