Saudi Arabia has raised SR17bn ($4.53bn) from its first domestic sukuk to help reduce its budget deficit amid continued depressed oil prices.

The issue was three-times oversubscribed with orders over SR51bn ($13.6bn). The issue consisted of three tranches: SR12bn ($3.2bn) maturing in 2022; SR2.9bn ($773mn) due in 2024; and SR2.1bn ($560mn) maturing in 2027.

This is the kingdom’s second foray in Shariah-compliant debt instruments, having raised $9bn in a four-times-oversubscribed...