Saudi Arabia Raises $1.9 Billion From Islamic Bond - Bloomberg

Saudi Arabia Raises $1.9 Billion From Islamic Bond - Bloomberg:

"Saudi Arabia raised 7 billion riyals ($1.9 billion) from domestic sukuk sales as the kingdom seeks to bolster its finances amid an economic overhaul and lower oil prices. The government received more than 24 billion riyals in bids for its third riyal-denominated Islamic bond sale, according to a statement on the Ministry of Finance’s website. It raised 2.4 billion riyals from a five-year tranche priced at 2.75 percent, 3.9 billion riyals from seven-year notes at 3.25 percent and 700 million riyals through a 10-year tranche at 3.45 percent, people familiar with the matter said, asking not to be identified because the information is private. The kingdom has raised 37 billion riyals in the past three months from domestic debt sales after tapping the international Islamic bond markets for $9 billion. The fund-raising could help the government narrow an expected budget deficit of 198 billion riyals this year, or 7.7 percent of economic output."



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