Saudi Arabia’s Ministry of Finance (MoF) announced that the kingdom’s bond sale to raise $7 billion has been heavily oversubscribed.
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The kingdom has issued a total of $7 billion, consisting of three tranches as follows:
Saudi Arabia’s economy is coming under a huge strain after the oil prices plunged about 50 percent this year to under $30 a barrel.
The kingdom, the world’s biggest oil exporter, is tapping the debt market after it recently agreed an output cut with other top oil producing nations.
Writing by Gerard Aoun
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