Saudi Arabia’s US$2.5-billion Islamic bond issued on Tuesday attracted orders worth more than US$13 billion in the first international debt issue since the attacks on vital Saudi oil facilities in the middle of September. On Tuesday, Saudi Arabia sold US$2.5 billion worth of Islamic bonds, or sukuk, returning to the bond market to take advantage of the low borrowing costs in hopes of replenishing its government coffers as persistently low oil prices depress revenues. The ten-year bond was priced at 127 basis points over the benchmark midswaps, down from a guidance of 145-150 basis points over the midswap rate, due to the strong demand, Bloomberg reports. Investor demand for Saudi Arabia’s Islamic bond was high, even after the September 14 attacks on critical oil infrastructure that knocked more than half of Saudi oil supply offline. In recent years, the Kingdom has borrowed a lot of money on the international […]