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June 18, 2021

Aramco raises $6bn from debut dollar sukuk

$6bn has been raised by Saudi Aramco from selling its first US dollar-denominated sukuk and will be used for corporate purposes.

By MEED   

Saudi Aramco has announced it has raised $6bn from the sale of its first US dollar-denominated sharia-compliant securities to international investors.

The issuance comprised three tranches of senior unsecured sukuk trust certificates issued under Aramco’s International Sukuk Programme, the Saudi energy giant said in a statement on 17 June.

The three tranches included:

  • $1m maturing in 2024, carrying a profit rate of 0.946%
  • $2m maturing in 2026, carrying a profit rate of 1.602%
  • $3m maturing in 2031, carrying a profit rate of 2.694%

The funds raised from the sukuk will be allocated for general corporate purposes, Aramco said.

“The transaction settled on 17 June with the sukuk admitted to the official list of the United Kingdom Financial Conduct Authority for trading on the London Stock Exchange’s main market,” Aramco said.

Earlier in June, Aramco announced it had hired a number of banks including Al-Rajhi Capital, BNP Paribas, Citigroup, First Abu Dhabi Bank and Goldman Sachs to advise it on the sukuk offering.

Other banks including HSBC, JP Morgan, Morgan Stanley, NCB Capital, Riyad Capital, SMBC Nikko and Standard Chartered Bank are also advising the company.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.

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