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Saudi debt management unit closes $2.2bn March sukuk

RIYADH, March 24, 2023

The National Debt Management Center (NDMC) has announced the closure of its March issuance under the Saudi government powered Saudi Rial (SR)-denominated sukuk programme. 
 
The total amount of all bids received for the sukuk hit SR8.342 billion ($2.2 billion) and the total amount allocated was set at SR3.374 billion ($898 million), reported SPA.
 
The sukuk issuance was divided into two tranches - with the first one worth SR2.774 billion maturing in 2031, and the second worth SR600 million maturing in 2037.
 
This issuance confirms NDMC's commitment to continue in accordance with its approved annual borrowing plan and to consider additional funding activities subject to market conditions and through available funding channels locally or internationally. 
 
This is to ensure the kingdom's continuous presence in debt markets for the coming years while taking into account market movements and the government debt portfolio risk management, it added.



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