Aramco Raises $6 Billion Through World’s Largest US-Dollar Corporate Sukuk

  • Date: 18-Jun-2021
  • Source: Asharq AL-awsat
  • Sector:Economy
  • Country:Saudi Arabia
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Aramco Raises $6 Billion Through World’s Largest US-Dollar Corporate Sukuk

Saudi Aramco announced on June 17 its success in raising $6 billion from its first dollar-denominated Islamic bond sale, Asharq Al-Awsat

Saudi Aramco announced on Thursday that it has succeeded in raising $6 billion from its first dollar-denominated Islamic bond sale to major institutional investors.

The three-tranche sukuk, or Islamic bonds compliant with the Muslim faith, are due in three, five and 10 years, the company said in a statement.

Aramco "successfully raised $6 billion, following the sale of US dollar-denominated sharia-compliant securities to leading institutional investors", the statement said.

Aramco issued 30,000 sukuk with a par value of $200,000 each, it said in a filing to the Tadawul stock exchange.

"We are very pleased with the global investment community's response to Aramco's first international dollar Sukuk, which attracted demand 20 times the initial targeted issuance size,“ said Aramco CEO and President Amin Nasser.

"The outcome demonstrates further evidence of Aramco's unique value proposition, which is underwritten by its operational and financial resilience,“ he added.

"This is of course made possible by our employees, who continue to make a difference by safely and reliably delivering energy to the world,“ noted the oil giant's president.

The securities were issued in three tranches, with the three-year notes paying 0.946%, 5-year