NDMC completes SAR 17B local early redemption transaction

NDMC completes a SAR 17.1 bln early redemption of local debt and issues nearly SAR 17.2 bln in new sukuk

The National Debt Management Center (NDMC) completed an early redemption transaction for part of the Ministry of Finance's outstanding local debt maturing in 2026, 2027, 2028, 2029, and 2030, with a total value of about SAR 17.1 billion.

The transaction also included the issuance of nearly SAR 17.2 billion in new sukuk, according to an NDMC statement.

The issuance was divided into five tranches. The first tranche amounted to around SAR 1.45 billion and will mature in 2031, while the second tranche totaled approximately SAR 1.62 billion with a maturity in 2033.

The third tranche, which represented the largest portion of the issuance, amounted to approximately SAR 10.55 billion and will mature in 2036. Meanwhile, the fourth and fifth tranches were valued at approximately SAR 1.74 billion and SAR 1.80 billion, maturing in 2039 and 2041, respectively.

The Ministry of Finance and the NDMC jointly appointed HSBC Saudi Arabia, SNB Capital, Al Rajhi Capital, AlJazira Capital, and Alinma Capital as primary dealers for the transaction.