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SAUDI ARABIAN OIL COMPANY

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Saudi Aramco Launches First US Dollar Islamic Bond

06/09/2021 | 04:32am EDT

By Lorena Ruibal

Saudi Arabian Oil Co. on Wednesday launched its first U.S. dollar-denominated Islamic bond, which will be issued in three tranches, according to a bank involved in the deal.

The world's biggest oil company is offering notes maturing in three, five and 10 years. The Islamic bonds, or sukuk, comply with Islam's teachings, including its ban on interest.

The state-controlled firm is raising an unspecified amount of cash to help fund its commitment to pay out $75 billion in dividends annually, a pledge Aramco made to drum up support for its initial public offering in December 2019.

Initial price guidance for the three-year bond was set at 105 basis points over the 0.25% May 2024 Treasury note, for the five-year bond at 125 basis points over the 0.75% May 2026 Treasury and for the 10-year bond at 160 basis points above the 1.625% 2031 Treasury.

The final terms and size of the transaction are expected to be set on Wednesday.

There are 29 active and passive bookrunners on the transaction, according to a deal note.

Write to Lorena Ruibal at lorena.ruibal@wsj.com

(END) Dow Jones Newswires

06-09-21 0431ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.62% 33823.45 Delayed Quote.12.07%
LONDON BRENT OIL -0.71% 72.34 Delayed Quote.42.82%
SAUDI ARABIAN OIL COMPANY -0.14% 35.25 End-of-day quote.0.71%
WTI -0.66% 70.309 Delayed Quote.48.31%
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More news
Financials
Sales 2021 1 293 B 345 B 345 B
Net income 2021 347 B 92 431 M 92 431 M
Net Debt 2021 303 B 80 886 M 80 886 M
P/E ratio 2021 19,9x
Yield 2021 4,00%
Capitalization 7 046 B 1 879 B 1 879 B
EV / Sales 2021 5,69x
EV / Sales 2022 5,33x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
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Saudi Arabian Oil Company Technical Analysis Chart | MarketScreener
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 34,53 SAR
Last Close Price 35,25 SAR
Spread / Highest target 13,5%
Spread / Average Target -2,04%
Spread / Lowest Target -31,9%
EPS Revisions
Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Senior VP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
Sector and Competitors
1st jan.Capitalization (M$)
SAUDI ARABIAN OIL COMPANY0.71%1 878 798
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PETRÓLEO BRASILEIRO S.A. - PETROBRAS-0.74%73 884