Saudi Sukuk Garner $16.5B in Orders

The global market has shown strong confidence in the Saudi economy through the successful issuance of the first dollar-denominated sovereign sukuk this year, despite the wave of sell-offs triggered by global bond markets. Saudi Arabia raised $3.25 billion from demand totaling $16.5 billion, exceeding five times the issuance amount. This occurred amid rising global bond yields, market tensions, and notably due to higher oil prices and inflation caused by the Iran conflict. The profit margin on the sukuk was reduced by 30 basis points, reflecting strong demand and investors’ confidence in the robustness and future prospects of the Saudi economy. This issuance follows the Kingdom’s completion of 90% of its financing needs before the outbreak of the war. The government plans to use the proceeds to fund the budget, as Saudi Arabia continues to diversify its sources of funding through various debt issuances. The issuance coincided with discussions to borrow $8 billion via a syndicated loan to mitigate the impact of economic challenges.

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