Saudi Aramco announces intention to issue dollar-denominated Sukuk

The Saudi Arabian Oil Company (Saudi Aramco) announced plans to issue U.S. dollar-denominated sukuk, which will be direct, senior unsecured, and limited recourse obligations of SA Global Sukuk Limited under its Trust Certificate Issuance Program.

In a statement on the Saudi Exchange (Tadawul), the company said the value of the offering will be determined by market conditions, with proceeds to be used for general corporate purposes.

The offering is subject to regulatory approval and will be conducted in accordance with Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended. The sukuk will also be subject to stabilization rules set by the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA). Applications will be made to list the sukuk on the FCA’s Official List and to trade them on the London Stock Exchange’s main market.

Additional Information

Saudi Aramco has appointed Al Rajhi Capital, HSBC, First Abu Dhabi Bank, Dubai Islamic Bank PJSC, Standard Chartered Bank, KFH Capital, Goldman Sachs International, J.P. Morgan, and Citi as active joint bookrunners for the sukuk issuance. SMBC Nikko, Alinma Investment, Albilad Capital, MUFG, Abu Dhabi Commercial Bank PJSC, POCI Asia Limited, Emirates NBD Capital Limited, Sharjah Islamic Bank, Mizuho, and Natixis have been named as passive joint bookrunners.

The offering will be restricted to qualified investors in jurisdictions where it complies with local regulations.