Saudi Arabia has sold $6 billion of Islamic bonds, just as weaker oil prices push the kingdom’s budget into a deficit.
The country’s now issued $16 billion of dollar debt this year, more than any other emerging-market sovereign, according to data compiled by Bloomberg.
The new securities, known as sukuk, have maturities of six and 10 years, each $3 billion in size. The shorter tranche was priced at 80 basis points over US Treasuries, giving it a yield of about 4.3%. The longer notes were issued at 100 basis points over Treasuries.
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