Aramco raises $6bn through world’s largest US-dollar corporate Sukuk

Aramco raises $6bn through world’s largest US-dollar corporate Sukuk

DHAHRAN “” The Saudi Arabian Oil Company ("Aramco“) has raised $6 billion, following the sale of US dollar-denominated Shariah-compliant securities to leading institutional investors, the company announced in a statement on Thursday. The issuance comprised three tranches of senior unsecured Sukuk trust certificates issued under Aramco's newly established International Sukuk Program, with the funds raised allocated for general corporate purposes. According to the statement, the three tranches included one worth $1 billion maturing in 2024, carrying a profit rate of 0.946 percent; a $2 billion one maturing in 2026, with a profit rate of 1.602 percent and a $3 billion tranche maturing in 2031, having a profit rate of 2.694 percent. Commenting on the development, Aramco President and CEO, Amin H. Nasser, said: "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.“ "The outcome demonstrates further evidence of Aramco's unique value proposition, which is underwritten by its operational and financial resilience. This is of course made possible by our employees, who continue to make a difference by safely and reliably delivering energy to the world.“ Khalid Al-Dabbagh, Aramco Senior Vice President of Finance,