RIYADH — The Ministry of Finance has announced the receipt of subscriptions from investors for its third international sukuk issuance, and stated that the issuance was 5 times oversubscribed.

The issuance, under the Saudi government Sukuk Program and in US dollars, is part of the ministry’s commitment to the development of the Shariah-compliant debt capital markets. It saw massive demand from a broad range of international investors.

The issuance, with total orders amounting to more $13 billion, reflects the strength and robustness of the Saudi economy.

Priced at the lowest yield issued by the Kingdom for 10-year securities, the level of investor demand demonstrates that the Kingdom represents the region’s safe haven for fixed income investors.

The Kingdom will issue a total of $2.5 billion sukuk maturing October 2029 with settlement on or around Oct. 29.

J.P. Morgan, Standard Chartered and Bank Al Jazira Capital were appointed by the Debt Management Office as dealers for this issuance. The issuance will be listed on the London Stock Exchange. — SG