Exclusive: Saudi Arabia to issue $3 billion-$5 billion in international sukuk by third quarter - DMO chief - Reuters:
Saudi Arabia will issue $3 billion to $5 billion in new international sukuk, or Islamic bonds, around the third quarter as part of plans to diversify financing of the national budget deficit, a senior finance ministry official told Reuters.
Riyadh began issuing debt in international markets in 2016 after its finances were snagged by lower global oil prices. It has since become one of the biggest emerging markets issuers, having sold nearly $60 billion in international bonds, including $11 billion in sukuk.
At the end of 2018, it also had more than $80 billion in outstanding domestic debt, borrowed through conventional and Islamic bonds, which bypass a religious prohibition on interest.
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