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5 months ago
Saudi Aramco raises $3 billion with debut local currency sukuk- sources
April 5, 2017 / 11:12 AM / 5 months ago

Saudi Aramco raises $3 billion with debut local currency sukuk- sources

DUBAI, April 5 (Reuters) - Saudi Aramco has raised 11.25 billion riyals ($3.00 billion) in its debut sukuk issuance, sources familiar with the matter said on Wednesday.

The Islamic bond, part of a 37.5 billion riyal programme, is the oil giant's first fundraising exercise aimed at diversifying its revenues, impacted by low international oil prices.

The floating rate local currency sukuk has a seven-year maturity and offers 25 basis points over the six-month Saudi Arabian Interbank Offered Rate (SAIBOR).

The sources declined to be identified because details of the deal are not public ($1 = 3.7502 riyals) (Reporting by Davide Barbuscia)

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