Saudi Aramco , the state-owned oil company, has tightened the price guidance for its 5- and 10-year dollar bonds, according to a report by IFR on Wednesday.

State oil giant Saudi Aramco has raised US$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.

Saudi Aramco sold $1.5bln in five-year sukuk at a spread of 85 basis points over U.S. Treasuries and $1.5bln in 10-year Islamic bonds at 100 bps above the same benchmark

Saudi Aramco raised $3 billion through its dollar Sukuk bond sale, its first such deal since a 2021 debut. The transaction is split between dollar-denominated benchmarks of five and 10-years that comply with Islamic rules,

Saudi Arabia is preparing to increase its oil output to regain its market share, with abandoning its required oil price part of the plan.