Saudi NDMC announces closing February offering at SR 3.65 bln

The National Center for Debt Management announced the completion of receiving investor requests for the local issuance for the month of February 2023 AD within the Kingdom of Saudi Arabia’s government sukuk program in Saudi riyals, where the total volume of subscription requests reached about 3.713 billion riyals, and the total volume of allocation was determined at an amount of 3.657 billion Riyals (three billion, six hundred and fifty-seven million Saudi riyals).

According to the statement issued by the National Center for Debt Management, the issuances were divided into two tranches, the volume of the first amounted to 3.225 billion riyals (three billion, two hundred and twenty-five million Saudi riyals) for sukuk maturing in 2031 AD, and the second tranche amounted to 433 million riyals (four hundred and thirty-three million). Saudi riyals) for sukuk maturing in 2037

With this issuance, the center clarified its completion of financing the needs of refinancing the principal debt due for the year 2023 AD, and continuing – in accordance with the approved annual borrowing plan – to consider the possibility of entering into additional financing operations proactively and according to market conditions through the financing channels available, whether locally or internationally from through debt markets and alternative government financing; This is to enhance the Kingdom’s presence in the debt markets and manage principal dues for the coming years, in addition to financing capital and infrastructure projects that would contribute to promoting economic growth, taking into account the movement of markets and risk management in the government debt portfolio.