Riyadh- Decypha: In its debut sukuk issuance, The Saudi Arabian Oil Company, known as Saudi Aramco, has raised SAR 11.25 billion ($3.00 billion). The Islamic bond, in the floating rate local currency, has a seven-year maturity and is part of a program to raise SAR 37.5 billion to diversify revenue following the oil glut, according to Reuters.

The sukuk offers 25 basis points over the six-month Saudi Arabian Interbank Offered Rate (SAIBOR).

Three banks coordinated the Aramco deal - Alinma Investment, HSBC Saudi Arabia, NCB Capital and Riyad Capital. GIB Capital, Samba Capital, and Saudi Fransi Capital took the dealer roles.

By Decypha Editorial Team