Saudi Arabia’s National Debt Management Center Issues USD 7 Billion Saudi Riyal-Denominated Sukuk

The National Debt Management Center of the Kingdom of Saudi Arabia (KSA), also known as NDMC, has announced the issuance of a new Saudi Riyal-Denominated Sukuk worth around SAR 26.2 billion (USD 7 billion) under the Sukuk Issuance Programme, on the 9th of March 2022.

Why it Matters?

The issuance represents the third phase of NDMC’s initiative that started in 2020 with the aim to align local issuances in the KSA under the Programme in Saudi Riyal and strengthen the domestic market and is set to be divided into four tranches. Of the tranches, two will have the longest maturity set in 2032 and 2037 and are valued at SAR 13.2 billion (USD 3.5 billion) and SAR 8.5 billion (USD 2.3 billion), respectively. Shorter maturities and sizes are set for the...