Saudi Arabia buys record $9.5 billion of public debt ahead of schedule

Saudi Arabia’s National Debt Management Center (NDMC) has completed the largest early redemption of the kingdom’s debt instruments in its history, Interfax reports, citing the NDMC.

The center bought over 35.7 billion riyals ($9.5 billion) of bonds maturing in 2024-2026 and also announced the issuance of Islamic bonds (sukuk) worth about 35.9 billion riyals.

The new initiative continues NDMC’s efforts to strengthen the domestic market and adapt to changing market conditions, which have positively affected 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 issuance of new securities will be divided into four tranches.