Saudi Aramco mandates banks for inaugural dollar sukuk

DUBAI: Saudi Aramco has hired a large group of banks to arrange its inaugural issuance of U.S. dollar-denominated sukuk, a document showed on Monday, as it seeks cash to fulfil large commitments to its major shareholder, the Saudi government.

The banks will arrange fixed income investor calls starting on Monday, the document from one of the banks showed. An issuance of sukuk in three-, five- and 10-year tranches will follow, subject to market conditions.