Riyadh, Saudi Arabia—Saudi Arabia’s National Center for Debt Management announced Wednesday that it has invited investors for the first partial repurchase of US dollar-denominated bonds due in the years 2023, 2025 and 2026.
The Center said the process is part of the kingdom’s plan in the effective management of the debt portfolio, which includes the proactive management of refinancing risks and future maturities of the debt portfolio.
The size of the repurchase will be announced after the end of the period of receiving applications on October 24.
The Center also announced the completion of receiving investor requests for the first international issuance of sukuk and bonds for 2022 within the kingdom’s international program to issue sukuk and the Saudi government’s international bond program.
The total volume of subscription requests reached nearly $27 billion, with the coverage ratio exceeding five times the total issuance of $5 billion divided into two tranches.
The first tranche amounted to $2.5 billion (equivalent to 9.4 billion Saudi riyals) for six-year bonds maturing in 2028, while the second tranche amounted to $2.5 billion (equivalent to 9.4 billion Saudi riyals) for 10-year bonds maturing in 2032.