Earlier this year Saudi Arabia’s sovereign wealth fund mandated banks for a debut dollar green bond sale. Image Credit: Shutterstock

Riyadh: Saudi Arabia is selling bonds and Islamic securities, while offering to buy back as much as $15.5 billion of debt.

The world’s biggest oil exporter plans to sell sukuk maturing in six years and bonds due in 10, both denominated in dollars, according to a person familiar with the matter who’s not authorized to speak publicly and asked not to be identified.

At the same time, Saudi Arabia asked holders of its bonds due in 2023, 2025 and 2026 to tender any and all of their notes for purchase by the kingdom for cash.

“Saudi Arabia does not really need the money,” said Abdul Kadir Hussain, head of fixed-income asset management at Dubai-based Arqaam Capital. “This is a good way to keep engaged with the international debt capital markets, while undertaking some liability management in terming out its debt maturities.”