Saudi Arabia’s second domestic sukuk has raised SR13bn ($3.5bn), slightly less than the first sukuk issue of $4.5bn sold last month (MEES, 28 July). The latest issue, almost three times oversubscribed, consisted of three tranches: SR2.1bn ($560mn) maturing in 2022; SR7.7bn ($2.05bn) due in 2024; and SR3.2bn ($853mn) maturing in 2027, the Ministry of Finance announced this week.

With the plunge in oil prices since mid-2014 Saudi Arabia is increasingly resorting to borrowing from the...