Saudi Arabia sells $2.5bn sukuk as low oil prices depress revenues

Pedro Gonçalves
Saudi Arabia sells $2.5bn sukuk as low oil prices depress revenues

 Saudi Arabia sold sukuk worth $2.5bn billion on Tuesday as the kingdom tries to offset the impact of lower oil prices on state revenue. The sale of Islamic bonds comes just days after oil giant Saudi Aramco delayed an initial public offering by at least a few weeks. That followed last month's drone and missile strikes on Aramco's facilities, which briefly halved its output. The sukuk offer a profit rate equivalent to 127 basis points over mid-swaps, a document showed. That is around 20...

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