NDMC raises $11.5B from 2.7x oversubscribed bond sale

Saudi Arabia’s National Debt Management Center (NDMC) said it has completed its first US dollar-denominated international bond issuance of 2026 under the Kingdom’s Global Medium-Term Note Issuance Program (GMTN), raising $11.5 billion.

The center said total investor demand reached around $31 billion, representing an oversubscription ratio of 2.7 times. The issuance, equivalent to SAR 43.13 billion, was divided into four tranches.

The first tranche amounted to $2.5 billion, or SAR 9.38 billion, with a three-year maturity due in 2029. The second tranche totaled $2.75 billion, or SAR 10.31 billion, with a five-year maturity due in 2031. The third tranche, also $2.75 billion, matures in 2036. The fourth tranche totaled $3.5 billion, or SAR 13.13 billion, with a 30-year maturity due in 2056.

NDMC said the issuance was executed in line with the Kingdom’s annual borrowing plan, which aims to diversify the investor base and meet financing needs efficiently through global debt markets. The strong demand reflects international investors’ confidence in the resilience of the Saudi economy and its long-term investment prospects.