Aramco kicks off debut sale of dollar-denominated Islamic bonds

SourceSalaam Gateway
SectorFinancial Markets
CountrySaudi Arabia

Published 09 Jun,2021 via Bloomberg Markets - Saudi Aramco, the world’s biggest energy company, started marketing its first dollar-denominated Islamic bond sale.

The state-controlled company is offering sukuk due in three, five and 10 years, according to a person familiar with the matter, who asked not to be identified as the details are private.

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 the coronavirus and widespread lockdowns curbing demand for oil last year, the price of Brent crude plunged to just below $16 a barrel at one point in 2020, the lowest since 1999.

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