The sukuk issuance was divided into two tranches. The first tranche was SR1.3 billion maturing in 2033, while the second was SR3.03 billion maturing in 2037, NDMC said in a statement issued on Tuesday.

“This issuance confirms the NDMC’s statement (issued) in the mid of February 2022, that it will continue to consider additional funding activities subject to market conditions and through available funding channels locally or internationally,” the center said.

Sukuk, which is also called an Islamic bond, is a debt product issued in accordance with Shariah or Islamic laws.

“This is to ensure the Kingdom’s continuous presence in debt markets and manage the debt repayments for the coming years while taking into account market movements and the government debt portfolio risk management,” the statement added.

In May, NDMC raised $6 billion from the sale of sukuk under its Global Trust Certificate Issuance Program.

Saudi Arabia sold a $3 billion six-year tranche at 80 basis points over US Treasuries and another $3 billion in 10-year notes. Order books for the deal hit over $27 billion, it added.