Aramco raises $3B from 2nd debt foray

DUBAI, United Arab Emirates — State oil giant Saudi Aramco raised $3 billion from two-part Islamic bonds, or sukuk, tapping the debt markets for the second time this year as it expects to pay huge dividends, mainly to the government.

The state oil giant on Wednesday sold $1.5 billion in five-year sukuk at a spread of 85 basis points (bps) over US Treasuries and $1.5 billion in 10-year Islamic bonds at 100 bps above the same benchmark, two sources with direct knowledge of the matter said, tighter than earlier guidance on strong demand.