Saudi raises $2.27b in Islamic bonds

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Saudi Arabia has raised 8.495 billion riyals ($2.27 billion) in Islamic bonds or sukuk, in June, the finance ministry said on Sunday. According to a statement on the finance ministry website, the sukuk issuances were divided into three tranches: The first tranche of the issue is 2.494 billion riyals, and the total tranche size is 5.017 billion riyals, maturing in 2027. The second tranche has a size of 3.670 billion riyals , and a total tranche size of 13.966 billion riyals, maturing in 2030. The third tranche has a size of 2.331 billion riyals, and a total tranche size of 10.569 billion riyals, maturing in 2035.—Zawya/Reuters