The Ministry of Finance announced Thursday that it has completed a tap issuance of additional investors applications on its domestic issuance under the Saudi Arabian government SR-denominated Sukuk Program.

A tap issue is a procedure that allows borrowers to sell bonds or other short-term debt instruments from past issues.

The tap issuance size was set at SR3,100 billion. This brings the total amount of the 2018-04 issuance to SR12,050 billion.

The ministry explained that the further Sukuk issued were divided into three tranches as follows:

• The first tranche has a size of SR9,425 billion and matures in 2023.

• The second tranche has a size of SR1,500 billion and matures in 2025.

• The third tranche has a size of SR1,150 billion and matures in 2028.

SOURCE : SAUDIGAZETTE