Saudi Arabia is raising $2bn in an international sukuk, its second ever after $9bn in April 2017 (MEES, 21 April 2017), “part of the Ministry of Finance’s commitment to develop Sharia-compliant debt capital markets,” it announced on 12 September.
Global coordinators are Citi, HSBC and JP Morgan, while the bookrunners are BNP Paribas, Mizuho and Samba Capital. The sukuk issue is set for completion later this month to mature January 2029. It has met with strong market appetite with orders of more than $10bn. The structure is the same as that issued in April 2017, a “murabaha agreement,” or a form of Islamic investment management partnership, Reuters reports. (CONTINUED - 323 WORDS)
