The National Debt Management Center (NDMC) has announced the completion of its first international bond issuance for 2026 under Saudi Arabia’s Global Medium-Term Note Issuance Programme. According to the NDMC, investor requests reached approximately USD 31 billion, representing an oversubscription rate of 2.7 times.
The Kingdom issued a total of USD 11.5 billion (SAR 43.13 billion) through a four-tranche bond offering. The breakdown includes a USD 2.5 billion tranche maturing in 2029, a USD 2.75 billion tranche maturing in 2031, another USD 2.75 billion tranche maturing in 2036, and a final USD 3.5 billion tranche maturing in 2056.
The NDMC stated: “This transaction was conducted in accordance with the recently announced Annual Borrowing Plan, which aims to diversify the investor base and meet the Kingdom’s financing needs from international debt capital markets efficiently and effectively.” The agency also noted that the bid-to-cover ratio highlights strong demand for Saudi issuances and demonstrates investor confidence in the country’s economic outlook and future investment opportunities.
All figures have been rounded to the nearest decimal.
