Saudi Aramco meets investors ahead of first dollar Islamic bond sale

Saudi Aramco plans to meet investors ahead of its first dollar-denominated Islamic bond sale.

The dollar denominated shariah-compliant sale will be used for general corporate purposes, the oil company said in a Saudi stock exchange filing.

It is one of a number of major planned debt sales emanating from the Gulf states that are currently in the works.

The world’s biggest energy company said it had mandated Alinma Invest, Al Rajhi Capital, BNP Paribas, Citi, First Abu Dhabi Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, NCB Capital, Riyad Capital, SMBC Nikko and Standard Chartered Bank for a series of investor meetings starting Monday.

It may offer three tranches of notes due in three, five and 10 years, Bloomberg reported on Monday, citing a person familiar with the matter.

Saudi Aramco raised $8 billion in November from another non-shariah-compliant debt sale. That followed a $12 billion sale a year earlier.