Saudi Arabia’s Ministry of Finance has said that the government has closed its sixth domestic Saudi riyal sukuk issuance.

The issuance size was set at SR5bn ($1.33bn) and was divided into three tranches. The first tranche is SR3.8bn and matures in 2023. The second tranche is SR750m and matures in 2025. The third tranche is SR450bn and matures in 2028.

In January, the ministry of finance had received bids for its fifth domestic Saudi riyal sukuk issuance. The issuance size was set at SR5.85bn.

Last year Riyadh closed a series of local currency sukuk issuances.

Riyadh has launched the domestic sukuk programme to help cover its large budget deficit, caused by the drop in oil prices. Thirteen Saudi banks have been qualified to participate in the programme.