Logo of Saudi Aramco
Saudi Aramco, the world's biggest oil company, attracted significant demand for its Islamic bond sale today, Sept. 10, Reuters reported.
Order books for the two-tranche sukuk, stood at more than $16.5 billion at around 12:15 GMT, fixed income publication IFR reported.
Strong demand led Aramco to reduce the initial price guidance for the five-year sukuk return to 70 basis points over US Treasuries, down from 105, and for the 10-year sukuk to 80 basis points, down from 115.
According to Aramco's data published on Argaam, the company announced today the launch of US dollar-denominated international sukuk under the issuance program of SA Global Sukuk Limited.
The offering is scheduled to close on Sept. 17 with the issuance size also to be determined (both based on market conditions).
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