$7bln Saudi bond sale oversubscribed – MoF

      Published on Sunday, 3 May , 2020      1133 Views     
$7bln Saudi bond sale oversubscribed – MoF


Saudi Arabia’s Ministry of Finance (MoF) announced that the kingdom’s bond sale to raise $7 billion has been heavily oversubscribed.




The dollar-denominated bond was more than 7 times oversubscribed with total orders amounting to more than $54 billion, MoF said in a statement.

The kingdom has issued a total of $7 billion, consisting of three tranches as follows:

  • $2.5 billion for 5-year notes maturing in 2025
  • $1.5 billion for 10-year notes maturing in 2030
  • $3 billion for 40-year notes maturing in 2060

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

Keywords:
Category Business | 2020/05/03 latest update at 1:16 PM
Source : Zawya | Photocredit : Google
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