NDMC Announces the Completion of $5.5 Billion Trust Certificates Issuance

The National Debt Management Center (NDMC) has issued its first international trust certificates (sukuk) based on an ijarah structure, raising $5.5 billion (SAR20.63 billion). The issuance was divided into two tranches: a five-year sukuk maturing in 2030 valued at $2.25 billion (SAR8.44 billion) and a 10-year sukuk maturing in 2035 totaling $3.25 billion (SAR12.19 billion).
 According to a press release issued by the NDMC today, the offering saw strong demand from investors, with the order book reaching around $19 billion, making the offering oversubscribed by 3.5 times. This high demand reflects investor confidence in the strength and future outlook of the Saudi economy.
 This transaction aligns with the NDMC’s strategy to diversify its investor base and efficiently meet the Kingdom’s financing needs from international debt capital markets.
 The release added that several local and international financial institutions contributed to the issuance; Citigroup, HSBC, JP Morgan, and Standard Chartered acted as joint global coordinators and active bookrunners, ICBC and Mizuho as active joint lead managers, and Abu Dhabi Islamic Bank, Dubai Islamic Bank, and Aljazira Capital as passive joint lead managers.