Saudi Arabia is in talks with banks about issuing a riyal-denominated Islamic bond, or sukuk, five banking sources said, as the kingdom abandons its aversion to sovereign-level debt to help build a local currency yield curve.
High-level discussions are currently ongoing between the Saudi Arabian Monetary Agency (SAMA) and a number of local and international banks with operations in the kingdom regarding the details, the sources said, with an issue expected as early as the first quarter of next year.
The sukuk will not be issued directly by the government but will instead be marketed by either a governmental agency or a state fund, three of the sources said.
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