Saudi Arabian Oil Co. (Saudi Aramco) has finished pricing its riyal-denominated sukuk issue at 25 basis points over the Saudi Arabian Interbank Offered Rate (SAIBOR), according to an official document seen by Argaam.

 

The state-run oil giant did not disclose the size of the seven-year Islamic bond but it is expected to be around SAR 7.5 billion ($2 billion), a part of its SAR 37.5 billion ($10 billion) sukuk program.

 

Aramco has been in talks with banks on its first ever SAR-denominated sukuk program.  

 

Alinma Investment Co., GIB Capital, HSBC Holdings Plc, NCB Capital, Riyad Capital, Samba Capital and Saudi Fransi Capital are the lead managers for the issue. 

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