Saudi Arabia Issues Local Currency Sukuk

The National Debt Management Center in Saudi Arabia announced on Thursday that "the government has issued new sukuk in local currency worth approximately 64.1 billion riyals (17 billion dollars), following a repurchase of a portion of the Kingdom's debt instruments." The National Debt Management Center stated on its website that it has completed the fifth early local purchase operation conducted by the Kingdom for part of the issuer's existing maturities in the years 2024, 2025, and 2026, with a total value exceeding 63.1 billion riyals. The center noted, "This initiative is a continuation of the efforts undertaken by the center to enhance the local market, and it activates the center's role in managing government debt obligations and future maturities, to integrate efforts with other initiatives to strengthen the state's public finances in the medium and long term." According to the statement, "The center has divided the new sukuk issuances into three tranches, with a total value of approximately 64.1 billion riyals. The first tranche is valued at about 16 billion riyals with a maturity due in 2031, the second tranche is valued at about 29.3 billion riyals with a maturity due in 2034, and the third tranche is valued at about 18.8 billion riyals with a maturity due in 2039."