{"id":86690,"date":"2024-05-30T00:00:00","date_gmt":"2024-05-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/30\/triple-tranche-appetite\/"},"modified":"2024-05-30T00:00:00","modified_gmt":"2024-05-30T00:00:00","slug":"triple-tranche-appetite","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/30\/triple-tranche-appetite\/","title":{"rendered":"Triple-tranche appetite"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The National Debt Management Center (NDMC) raised USD 5 bn with the <\/strong><strong>sale of <\/strong><strong>USD-denominated sukuk in an offering that was 4x <\/strong><strong>oversubscribed<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/ndmc.gov.sa\/en\/mediacenter\/news\/Pages\/News_29052024.aspx\" style=\"\" rel=\"noopener\">a statement<\/a>. The offering is part of the Kingdom\u2019s Global Trust Certificate Issuance Program and is the \u201cfirst triple tranche sukuk issuance that is a part of NDMC's strategy to diversify the Kingdom's funding sources and expand the investor base.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The triple-tranche offering included a three-year tranche worth USD 1.25 bn, a six-year tranche worth USD 1.5 bn, and a 10-year tranche worth USD 2.25 bn. This marks the seventh offering under the Global Trust Certificate Issuance Program and the first since the USD 6 mn issuance <a target=\"_blank\" href=\"https:\/\/ndmc.gov.sa\/en\/IssuancePrograms\/Pages\/TrusT_Certificate_Issuance_Programme.aspx\" style=\"\" rel=\"noopener\">in May 2023<\/a>. This is different from the <a target=\"_blank\" href=\"https:\/\/ndmc.gov.sa\/en\/IssuancePrograms\/Pages\/Global_Medium_Term_Note_Programme.aspx\" style=\"\" rel=\"noopener\">Global Medium Term Note Issuance Program<\/a> which offers debt securities in the format of USD bonds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The program aims to \u201censure the Kingdom's continuous presence in debt markets<\/strong> and manage the debt repayments for the coming years while taking into account market movements and the government debt portfolio risk management,\u201d NDMC said. Officials at multiple levels of government and the PIF have repeatedly said in recent months that they don\u2019t want to crowd private business out of the domestic debt market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong><strong> Citi, Goldman Sachs and BNP Paribas<\/strong> are joint bookrunners and global coordinators for the sale, while<strong> Aljazira Capital, JPMorgan, and Standard Chartered <\/strong>were appointed passive joint bookrunners. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tripe-tranche offering was 4x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":86691,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[57,10,1151,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-ksa","tag-public-investment-fund-pif","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"f1c61d3d-1021-46b5-8df9-7d8ad5e153da","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1710.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gov\u2019t closes USD 5 bn sukuk issuance 4x oversubscribed","related_issue":[86685],"teaser":"The tripe-tranche offering was 4x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.7da49177-2cb0-477c-962c-dd8cbd745a1f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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