Saudi Ministry of Finance issues local bonds in Riyadh

Saudi Ministry of Finance announced the completion of receiving additional investors’ requests for issuance of local sukuk by re-opening its fourth IPO for the second time under Saudi Government local currency sukuk program.
The last initial public offering (IPO) was made in October. The total number of the new IPO applications for these Sukuks was approximately SR 10.325 billion.
The volume of re-opening of the issuance was set at a total amount of SR4.775 billion, with a coverage rate of 216 percent.
The additional issuance were divided into three tranches: First tranche with a value of SR 2.400 billion for sukuk payable in 2022, second tranche of SR 1.800 billion for Sukuk maturing in 2024, and third tranche of SR 0.575 billion payable in 2027.
Thus, the total value of the issuance (October 2017) becomes SR 21.455 billion.
Accordingly, the fourth issuance will be closed in full. The total value of the tranches is as follows: The first tranche is SR 7.600 billion, the second tranche is SR 6.680 billion and the third tranche is SR 7.175 billion.

Source: arabnews