Orders for Saudi Aramco's debut international bonds topped $85 billion, sou...
Saudi Energy Minister Khalid al-Falih speaks during the Gulf Intelligence Saudi Arabia Energy Forum in Riyadh, Saudi Arabia April 8, 2019. REUTERS/Stringer.
Aramco was expected to raise around $10 billion from the deal, which will be priced later on Tuesday and is seen as a gauge of potential investor interest in the Saudi company’s eventual initial public offering. Demand for the paper was the largest for emerging markets bonds since an orderbook value of more than $52 billion for Qatar’s $12 billion bonds last year.
The issue follows on the heels of Aramco’s planned $69.1 billion acquisition of a 70 percent stake in petrochemicals firm Saudi Basic Industries Corp from the Saudi sovereign wealth fund, a deal that many see as a transfer of government funds aimed at boosting the Saudi Crown Prince’s economic agenda.
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