Saudi Aramco is planning to raise up to $3 billion in five and 10-year U.S. dollar-denominated sukuk, or Islamic bonds, according to two sources with direct knowledge of the matter and a term sheet reviewed by Reuters on Tuesday.

Saudi Arabia’s state-run oil behemoth started the sale of a second round of international bonds just two months after it raised $6 billion, the latest deal in the kingdom’s debt spree this year.

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 , 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.

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,

The 5-year bond has price guidance of Treasuries plus around 120 basis points (bps) and the 10-year bond has Treasuries plus about 135 bps

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.