Aramco to raise up to $3B from Sukuk, sets price guidance: Report

Saudi Arabian Oil Co. (Saudi Aramco) plans to raise up to $ 3 billion in five- and 10-year US dollar-denominated Sukuk, Reuters news agency reported citing some sources.

The five-year Sukuk has price guidance of US Treasuries plus around 120 basis points, while the 10-year issue has US Treasuries plus about 135 basis points, the news agency added.

Saudi Aramco, started yesterday, Sept. 24, the issuance of US dollar denominated Sukuk under the SA Global Sukuk Limited’s Trust Certificate Issuance Program, Argaam reported.

The net proceeds will be used by Saudi Aramco for general corporate purposes.