Saudi Arabia targets $2 billion with new Islamic bonds | Reuters

Saudi Arabia targets $2 billion with new Islamic bonds | Reuters:

Saudi Arabia has started marketing U.S. dollar-denominated sukuk, or Islamic bonds, with the issue expected to be around $2 billion in size, a document showed on Wednesday.

It would be the kingdom’s second international sale of sukuk after a $9 billion transaction last year. The exercise completes Saudi Arabia’s external funding requirements for 2018, according to the document.

The kingdom, acting through the ministry of finance, started marketing the notes with an initial price guidance of around 145 basis points over mid-swaps.