Saudi Aramco announced on 3 October the completion of its two-tranche $3bn sukuk offering; a $1.5bn tranche maturing in 2029 with a profit rate of 4.25%/y and $1.5bn tranche maturing in 2034 with a profit rate of 4.75%/y. The issuance was priced on 25 September, and the securities listed on the London Stock Exchange.
The sukuk comes a few months after Aramco raise $6bn through a three-tranche bond offering in July (MEES, 19 July). The move to raised debt came as deep voluntary Opec+ production cuts had failed to significantly lift prices, although CFO Ziad al-Murshed said “We did not need to borrow to fund any specific projects,” adding that it was intended to re-establish the firm’s bond yield curve. (CONTINUED - 116 WORDS)