Saudi Arabia issues SAR 69.8 bln domestic sukuk in 2019

Saudi Arabia's Ministry of Finance issued SAR 69.8 billion worth of government domestic sukuk in 2019.

Twelve issuances were divided into six tranches according to their maturity dates, starting of five years until 30 years.

The 30-year tranche accounted for the lion's share of issuances, in terms of value at SAR 23.7 billion, or 34%. It was followed by the 10-year tranche with a SAR 16.2 billion in value.

 *includes tranche of reopening third issuance for 2017

The Kingdom's gross debt portfolio stood at SAR 678 billion at the end of 2019, as 55% is SAR-denominated and 45% is foreign currency-denominated, with terms of 5-31 years, and an average maturity date of 8.7 years at the end of last year. Fixed and variable rates to government debt stood at 78% and 22% respectively.

According to state budget 2020, the Kingdom is expected to see a fiscal deficit of around SAR 187 billion, which will be financed from a funding of SAR 120 billion including a debt of SAR 76 billion; internal and external sources of funding, sukuk issuances and government reserves.