{"id":90007,"date":"2024-09-29T00:00:00","date_gmt":"2024-09-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/29\/aramco-raises-usd-3-bn-from-sukuk-sale\/"},"modified":"2024-09-29T00:00:00","modified_gmt":"2024-09-29T00:00:00","slug":"aramco-raises-usd-3-bn-from-sukuk-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/29\/aramco-raises-usd-3-bn-from-sukuk-sale\/","title":{"rendered":"Aramco raises USD 3 bn from sukuk sale"},"content":{"rendered":"

Aramco reportedly raised USD 3 bn from its USD-denominated sukuk<\/strong> issuance<\/strong>, after closing its order book with strong demand, Reuters<\/a> and Bloomberg<\/a> reported. <\/p>\n

High demand = tighter pricing:<\/strong> The oil giant reeled in some USD 22 bn of orders for the Shariah-compliant bond sale, which included two equal tranches of five- and 10-year tenors. Pricing for both notes was tightened by 35 bps on the back of strong demand, leaving the shorter tranche at 85 bps above US treasuries and the longer one at 100 bps above the benchmark.<\/p>\n

This is the second time Aramco taps international debt markets this year:<\/strong> Aramco closed<\/a>its first bond sale in three years<\/a> in July, raising USD 6 bn from the sale of USD-denominated 10-year, 30-year, and 40-year senior unsecured notes. The offering was 6x oversubscribed. The rise in Aramco\u2019s borrowing activity this year comes as the company\u2019s dividend payments<\/a> grew above its freecash flow in 1H 2024 amid a weaker outlook for oil revenue, Abu Dhabi Commercial Bank\u2019s Chief Economist Monica Malik told Reuters.<\/p>\n

IN CONTEXT- <\/strong>The government counts on Aramco dividends to bridge budget deficit and to finance its diversification away from oil, with the latter accounting for some 67% of government revenues at present. The company\u2019s dividends pushed SAMA\u2019s foreign reserves to an 18-month high of SAR 1.67 tn<\/a> in May. Saudi Arabia\u2019s government owns 97% of Aramco.<\/p>\n

ADVISORS-<\/strong> Al Rajhi Capital, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JPMorgan, KFH Capital, and Standard Chartered, among other GCC-based banks, acted as active joint bookrunners for the issuance.<\/p>\n","protected":false},"excerpt":{"rendered":"

The issuance saw a strong demand of USD 22 bn in orders<\/p>\n","protected":false},"author":1,"featured_media":90008,"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":[139,57,10,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-aramco","tag-debt-watch","tag-enterpriseam-ksa","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"08cf0af6-b2c8-4ddb-af42-ee568809fc32","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2784.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco raises USD 3 bn from USD-denominated sukuk issuance","related_issue":[90000],"teaser":"The issuance saw a strong demand of USD 22 bn in orders","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.1b22c751-c540-40fe-982e-ad0059bdc624.mp3"},"yoast_head":"\nAramco raises USD 3 bn from sukuk sale - 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