Saudi Aramco hires banks for debut dollar sukuk sale
- Date: 07-Jun-2021
- Source: Salaam Gateway
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Aramco hires banks for debut dollar sukuk sale
Published 07 Jun,2021 via Bloomberg Markets - Saudi Aramco, the world's biggest energy company, has hired banks for its first ever dollar-denominated Islamic bonds.
The state-controlled company may offer three tranches of notes, according to a person familiar with the matter. Islamic bonds, or sukuk, comply with the religion's teachings, including its ban on interest.
The firm is raising cash to help fund its commitment to pay out $75 billion in dividends, a pledge Aramco made to drum up support for its initial public offering. But with the spread of coronavirus and widespread lockdowns curbing demand for oil last year, the price of Brent crude plunged to just below $16 a barrel, the lowest since 1999.
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