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FINANCIAL NEWS
KSA pumps USD4.53bn in oversubscribed bond issue
26 Jul 2017
(MENAFN) Saudi Arabia has raised USD4.53bn from a regional Islamic bond issue that was three times oversubscribed, as it battles a budget deficit made by low oil revenues.
Accordingly, the finance ministry proclaimed that orders surpassed USD13.6bn for its first issue of local sukuk bonds worth 17bn riyals.
In April, the kingdom raised USD9bn in its first global Islamic bond issue, a move that could facilitate pressure on its foreign reserves.
However, the kingdom is suffering from a sharp fall in oil revenues since crude prices plummeted in mid-2014, obliged Riyadh to reduce subsidies and postpone projects.
MENAFN2607201700450000ID1095658559
MENAFN2607201700450000ID1095658559
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