Thursday 26, July 2018 by Kudakwashe

Saudi Arabia issues $925 million Islamic bond

 

The Government has begun selling local currency bonds through a new primary dealer scheme aimed to increase investor appetite for the debt.

  

Saudi Arabia’s Debt Management Office has begun issuing $925 million government bonds through a new ‘primary dealer’ scheme designed to increase demand for the debt and widen the range of investors holding it.

The Government selected five local banks Alinma Bank, Bank Aljazira, Samba Financial Group as well as National Commercial Bank and Saudi British Bank to act as primary dealers, buying the Sukuk directly from the government and then immediately making a market in them by quoting two-way prices to other investors.

 

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