Saudi Arabia sells $6 bln in two-tranche Islamic bonds: Document

Saudi Arabia sells $6 bln in two-tranche Islamic bonds: Document

Saudi Arabia has raised $6 billion from the sale of Islamic bonds, or sukuk, a document from a lead manager showed, returning to the debt markets for the second time this year, amid continued pressure on global oil prices and a cloudy macroeconomic outlook.The Kingdom sold a $3 billion six-year tranche at 80 basis points (bps) over US Treasuries (UST) and another $3 billion in 10-year notes at 100 bps over UST, tighter than guidance released on Monday, amid strong investor demand.For all the latest headlines follow our Google News channel online or via the app.Order books for the deal, open to investors in the United States, hit over $27 billion ahead of the launch, according to a separate bank document seen on Monday.Proceeds from the sale will be used for general domestic budgetary purposes.Saudi Arabia, the world’s top oil exporter, last tapped the public debt markets in January, raising $10 billion.High oil prices helped the Kingdom tilt to its first fiscal surplus in almost a decade in 2022, but an uncertain demand outlook and macroeconomic headwinds have pushed prices lower this year.On Tuesday, Brent crude was trading at around $75 per barrel at 1100 GMT, which is below the