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The Finance Ministry closed its December sukuk issuance, raising SAR 11.6 bn from fixed-income investors, up from SAR 3.4 bn last month, according to a statement (pdf) by the National Debt Management Center (NDMC). This is part of the government’s SAR-denominated sukuk program.
December saw yields on all tranches tick up on a monthly basis. The issuance was structured in five tranches:
- A 3-year tranche valued at SAR 5.6 bn with a 5.1% yield;
- A 5-year tranche valued at SAR 3.9 bn with a 5.15% yield;
- A 7-year tranche valued at SAR 706 mn with a 5.19% yield;
- A 10-year tranche valued at SAR 1.4 bn with a 5.25% yield;
- A 12-year tranche valued at SAR 2k with a 5.27% yield.
A snapshot of total outstanding debt: The Kingdom’s total direct debt stood at SAR 1.2 tn (USD 308.7 bn) as of 3Q 2024, consisting of SAR 688.7 bn (USD 183.7 bn ) in domestic debt and SAR 468.9 bn (USD 125 bn ) in external debt, as of the end of September 2024, according to NDMC’s website.
