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Aramco completes $4bn sukuk issuance in London

3 February 2026

Saudi Aramco has completed the issuance of a $4bn international sukuk (Islamic bond), spread across four tranches on the London Stock Exchange.

The transaction, under Aramco’s global medium-term note programme, was priced on 26 January and consists of:

  • $500m senior notes maturing in 2029, with a coupon rate of 4%
  • $1.5bn senior notes maturing in 2031, with a coupon rate of 4.375%
  • $1.25bn senior notes maturing in 2036, with a coupon rate of 5%
  • $750m senior notes maturing in 2056, with a coupon rate of 6%.

In a statement from Aramco, Ziad Al-Murshed, Aramco’s executive vice-president of finance and chief financial officer, said: “This issuance is part of Aramco’s focused strategy to further optimise its capital structure and enhance shareholder value creation. The attractive pricing achieved on the transaction reflects global investors’ continued confidence in Aramco’s financial strength and resilient balance sheet. We remain firmly committed to maintaining disciplined capital management and delivering long-term value to our shareholders.”

Prior to its first sukuk issuance in 2026, Aramco made two US dollar-denominated issuances last year. The Saudi energy giant issued its first sukuk of the year in May, totalling $5bn in three separate tranches of five-, 10- and 30-year maturities.

In September, Aramco completed the issuance of a $3bn international sukuk, spread across two tranches on the London Stock Exchange.

Aramco raised a total of $9bn from two separate bond issuances in 2024. The world’s biggest oil exporter completed a $6bn bond issuance in July that was listed on the London Stock Exchange and comprised three $2bn tranches of US dollar-denominated senior unsecured notes.

Aramco then completed a $3bn issuance of international sukuk in October of that year, comprising two US dollar-denominated tranches, also listed on the London Stock Exchange.

The first tranche, worth $1.5bn, matures in 2029 and carries a profit rate of 4.25% a year. The second $1.5bn tranche matures in 2034 and carries a profit rate of 4.75% a year.

The two sukuk issuances in 2024 marked Aramco’s return to the debt market after a three-year gap. The last time the state enterprise tapped the global debt markets was in 2021, when it also raised $6bn from a three-tranche sukuk.

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