Saudi Arabia sold on Tuesday $5 billion in Islamic and conventional bonds for which demand topped $26.5 billion as it held its first international bond sale in almost a year, reports Reuters.
The top oil exporter’s first bond sale since November came amid turbulent markets and heightened tensions with Washington over an OPEC+ oil production cut, as Riyadh gears up to host its annual investment conference next week.
The kingdom sold $2.5 billion in six-year sukuk at 105 basis points (bps) over U.S. Treasuries (UST) and $2.5 billion in 10-year bonds at 150 bps over UST, a bank document showed.
That was tightened from initial guidance of around 135 basis points (bps) over U.S. Treasuries (UST) for the sukuk and around 180 bps over UST for the 10-year tranche.