Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) is expected to raise between $3 billion and $4 billion on Wednesday as part of its first US dollar-denominated Sukuk sale, according to Reuters.

Aramco’s debt issuance will comprise tranches of three, five, and 10 years, with the aim to partly fund a large dividend that “mostly goes to the government,” the news portal added.

Initial price guidance was nearly 105 basis points (bps) over US Treasuries (UST) for the three-year portion, while about 125 bps and around 160 over UST for the five- and 10-year issues, respectively.

It was previously reported that Aramco would raise up to $5 billion with the Sukuk issue.

Active bookrunners on the deal include HSBC, JPMorgan, NCB Capital, and Standard Chartered Bank. Meanwhile, the passive bookrunners are BOC International and Dubai Islamic Bank.

Earlier this week, the company announced issuing USD-denominated Sukuk under the Ministry of Finance’s Trust Certificate Issuance Programme.