OREANDA-NEWS The National Debt Management Center (NDMC) of Saudi Arabia has completed the largest early redemption of the kingdom's debt instruments in its history, the NDMC said in a statement.

The Center repurchased obligations with repayment in 2024-2026 in the amount of over 35.7 billion riyals ($9.5 billion) and at the same time announced the issue of Islamic bonds (sukuk) in the amount of about 35.9 billion riyals.

The new initiative continues NDMC's efforts to strengthen the domestic market and adapt to changes in market conditions, which had a positive impact on the volume of trading in the secondary market. In addition, it is consistent with other measures to strengthen public finances in the medium and long term.

The issue of new securities will be divided into four tranches: the first - for about 7.5 billion riyals due in 2031, the second - for 14.5 billion riyals due in 2032, the third - for 10.8 billion riyals due in 2033 and the fourth - for 3.2 billion riyals due in 2038.

HSBC Saudi Arabia, AlRajhi Capital, SNB Capital and AlJazira Capital have been appointed joint lead managers of the placement.