Saudi Aramco Kicks Off First Dollar Bond Sale in Three Years

Bloomberg07-10

(Bloomberg) -- Saudi Aramco has started the sale of dollar-denominated debt, extending the oil-rich kingdom’s debt spree as it brings in cash to help fund projects. Most Read from Bloomberg Saudis ...

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Hurricane Beryl Makes a Mockery of Texas Climate Deniers. The End of the Cheap Money Era Catches Up to Chelsea FC’s Owner. NYC Penthouse Sells for $135 Million in Priciest Deal Since 2022. Saudi Arabia’s government and affiliated companies have borrowed vast amounts this year, topping China as the biggest issuer of international debt among emerging markets. The government, which needs funds to help cover an expected budget shortfall resulting from an ambitious economic diversification plan, has accounted for more than half of the total debt sold by Saudi entities this year.Aramco sold its first dollar bond in 2019 and followed with a 50-year debt in 2020. 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The debt has 10-, 30- and 40-year maturities, according to a person with knowledge of the matter. Aramco is seeking to raise at least $3 billion, and may increase the size depending on investor demand, Bloomberg has reported.  \nSaudi Arabia’s government and affiliated companies have borrowed vast amounts this year, topping China as the biggest issuer of international debt among emerging markets. The government, which needs funds to help cover an expected budget shortfall resulting from an ambitious economic diversification plan, has accounted for more than half of the total debt sold by Saudi entities this year.\nAramco sold its first dollar bond in 2019 and followed with a 50-year debt in 2020. It issued dollar-denominated Islamic notes\nMost Read from Bloomberg Businessweek\n\nAt SpaceX, Elon Musk’s Own Brand of Cancel Culture Is Thriving\nLooser Visa Rules for Indian Travelers Stoke a Tourism Boom\nPsychedelics Are Now Legal in Australia—With a Catch\nHow to Invest During a High Interest Rate Era\nFamily Offices of the Ultra-Rich Shed Privacy With Activist Bets\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2450921891"}