Logo of Saudi Aramco
Oil giant Saudi Aramco launched its first US dollar-denominated sukuk today, June 9, 2021, which will be issued in three tranches, according to a term sheet seen by Reuters.
The deal will consist of three, five and 10-year tranches, the report said.
Potential investors have been given pricing guidance for the three-year of US Treasury bonds plus 105 basis points, for the five-year of US Treasury bonds plus 125 basis points, and for the 10-year of US Treasury bonds plus 160 basis points.
According to data compiled by Argaam, Saudi Aramco commenced the issuance of Shariah-compliant international trust certificates under its “Trust Certificate Issuance Program”, with the offering ending on June 17, 2021.
The amount of the certificates will be subject to market conditions, and the net proceeds from each trust certificate issue will be used for general corporate purposes or any other purpose specified in the final terms for a series of trust certificates.
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