The National Debt Management Center (NDMC) has announced the closure of the April 2023 issuance under the Saudi government's SR-denominated ukuk programme.

The total amount of bids received stood at SR2.471 billion ($658 million) and the allocated amount was also set at SR 2.471 billion.

The sukuk issuance was divided into two tranches as follows:

*The first tranche has a size of SR 1.919 billion, maturing in 2033.

*The second tranche has a size of SR 552 million, maturing in 2037.

According to NDMC, this issuance confirms its statement made in mid-February 2022 that it would continue, following the approved Annual Borrowing Plan, to consider additional funding activities subject to market conditions and through available funding channels locally or internationally.

The aim is to ensure the kingdom's continuous presence in debt markets and manage the debt repayments for the coming years while taking into account market movements and the government's debt portfolio risk management, it added.

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