DUBAI: Saudi Arabia raised 17 billion riyals (US$4.5bil) from its first local Islamic bond sale this year as the biggest Arab economy seeks funds to bridge a budget deficit amid low oil prices.
The government received investor offers in excess of 51 billion riyals, more than three times the deal size, according to a statement posted on the Ministry of Finance website. The kingdom sold 12 billion riyals of bonds maturing in 2022, 2.9 billion riyals of seven-year notes and 2.1 billion riyals of 10-year bonds, according to the statement.
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