Saudi Arabia's debut Islamic Bond gets $25 billion orders | Pakistan News Digest

Saudi Arabia’s debut Islamic Bond gets $25 billion orders

Dubai, (IINA) - Saudi Arabia's debut US Dollar-denominated Islamic bond, which was due to price Wednesday, has attracted more than $25 billion of investor orders so far, according to Bloomberg.

The fall in global oil prices has prompted the Kingdom to prepare what may be the world's largest initial public offering of a state-owned oil company, Saudi Arabian Oil Company or Saudi Aramco.

The company last week sold $3 billion in bonds, which followed the government's debut conventional offering in October that raised $17.5 billion in the biggest-ever emerging-market sale.

Saudi Arabia's 2021 bonds were trading at a Z-spread of 92 basis points, while its 2026 bonds were trading at 135 basis points over the same benchmark at 11:38 p.m., according to data compiled by Bloomberg.

Source: International Islamic News Agency

   

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