RIYADH: The Saudi National Debt Management Center (NDMC) has announced the receipt of subscriptions from investors for its second international issuance under the Kingdom’s Global Medium-Term Note Program in Euro.
The bond issuance was more than three times oversubscribed, with total orders in excess of 5 billion euros ($6.11 billion).
Saudi Arabia will issue a total of 1.5 billion euros in two tranches: 1 billion euros for three-year notes set to mature in 2024, and 500 million euros for nine-year notes scheduled to mature in 2030.
Saudi Minister of Finance and Acting Minister of Economy and Planning Mohammed Al-Jadaan, said that the euro-denominated issuance came within the framework of the NDMC’s efforts to secure the Kingdom’s financing needs in accordance with the objectives of the fiscal policy and public debt strategy.