Saudi Aramco begins issuance of Shariah-compliant US-dollar denominated sukuk

Saudi Aramco begins issuance of Shariah-compliant US-dollar denominated sukuk

Saudi Arabian Oil Company, also known as Saudi Aramco, has announced the commencement of international sukuk; (international trust certificates) under its “Trust Certificate Issuance Program,” the Saudi Press Agency (SPA) reported on Monday.

In a statement carried by the SPA, the company said that the issuance of international sukuk begins on Monday (June 7) and will continue until June 17 (Thursday).

Aramco also explained that the sukuk is compliant with the provisions of Islamic Shariah; US dollar-denominated; as well as the amount of the sukuk will be subject to market conditions.

The company also said the move targets qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions.

In another statement, Aramco announced the appointment of Alinma Invest; Al Rajhi Capital; BNP Paribas; Citi; First Abu Dhabi Bank; Goldman Sachs; HSBC; J.P. Morgan; Morgan Stanley; NCB Capital; Riyad Capital; SMBC Nikko; as well as Standard Chartered Bank as issuance managers.