Riyadh – Mubasher: Saudi Arabia on Tuesday announced the closing of its first 15-year public sukuk issuance, adding a three-year maturity to February’s issuance and a five-year maturity compared to 2018 prior issuances.

The kingdom’s Debt Management Office (DMO) issued SAR 6.075 billion ($1.62 billion) in sukuk, which is split into two tranches of 10 and 15 years, the Saudi Ministry of Finance said.

The value of the 10-year tranche amounted to SAR 2.395 billion, while the 15-year tranche which accounted for 61% of the total issue is valued at SAR 3.680 billion.

“The 15-year issuance represents a new benchmark for potential government and private sector issuers to enable them to price off the government’s extended yield curve,” the ministry added.