RIYADH: Saudi Arabia’s National Debt Management Center, also known as NDMC, issued a new Saudi riyal-denominated Sukuk worth around SR26.2 billion ($7 billion). The new issuance is part of the Sukuk Issuance Program, NDMC said in a press release. The issuance is divided into four tranches. The two tranches with a value of SR13.2 billion and SR8.5 billion have the longest maturity — 2032 and 2037, respectively. The remaining two tranches are smaller in size — SR2.6 billion and SR1.9 billion — and have shorter maturities of 2027 and 2029 respectively. The issuer — the Ministry of Finance — and the NDMC appointed HSBC Saudi Arabia, Al Rajhi Capital, and SNB Capital as joint lead managers to lead the transaction. The NDMC also announced the completion of early redemption of a portion of the Ministry of Finance’s outstanding bonds and Sukuk maturing in 2023, 2024, and 2026 with a total value exceeding SR25 billion. “This transaction is one of the NDMC’s initiatives to unify the Kingdom’s domestic issuances under the Sukuk Issuance Program in Saudi riyal,” the NDMC said.