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Saudi Sukuk secures $16.5B orders
Saudi Arabia launched its first issuance of dollar-denominated sovereign sukuk, with demand exceeding $16.5 billion—reflecting investors' confidence in the Saudi economy despite the global bond market sell-off. The kingdom successfully raised $3.25 billion, with a reduced profit margin compared to initial levels, highlighting its ability to borrow at favorable costs amid global economic turbulence linked to rising bond yields and Middle East tensions. The funds will be used to meet budget needs, as the country seeks to capitalize on higher oil prices and achieve fiscal balance, with forecasts indicating a reduction in the deficit to 3.7% of GDP by 2026.
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