STATE oil giant Saudi Aramco is planning a five and 10-year US dollar-denominated sukuk, or Islamic bonds, deal, according to a term sheet reviewed by Reuters on Tuesday (Sep 24).
Banks will hold investor calls starting on Tuesday, the term sheet said.
Aramco, the world’s top oil exporter, has long been a cash cow for Saudi Arabia, which is seeking funds to invest in new industries and wean its economy away from oil under its Vision 2030 plan.
Al Rajhi Capital, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JP Morgan, KFH Capital and Standard Chartered are active bookrunners.
Abu Dhabi Commercial Bank, Albilad Capital, Alinma Investment, BOC International, Emirates NBD Capital, Mizuho, MUFG, Natixis, Sharjah Islamic Bank and SMBC Nikko are passive bookrunners.
In July, Aramco raised US$6 billion from its first bond issuance in three years.
Aramco expects to pay out US$124.3 billion in dividends for 2024, most of which goes to the government, which directly owns nearly 81.5 per cent of the company. Its sovereign wealth fund, the Public Investment Fund, owns another 16 per cent.
Saudi Arabia has been pumping around nine million barrels per day of oil, about 25 per cent below its capacity. REUTERS
