Economy

RIYADH: Saudi Arabia’s National Debt Management Center has raised $6 billion from the sale of Islamic bonds, or sukuk, under its Global Trust Certificate Issuance Program. A statement issued on Tuesday said the Kingdom sold a $3 billion six-year tranche at 80 basis points over US Treasuries and another $3 billion in 10-year notes at 100 bps over UST.  Order books for the deal hit over $27 billion, it added. The bid-to-cover ratio reflects the strong demand for the Kingdom’s issuances, confirming the international investors’ confidence in the Saudi economy.

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