(Bloomberg) -- Saudi Aramco has pulled in more than $31 billion of orders for its first dollar debt offering in three years as the firm seeks to raise $6...
-- Saudi Aramco has pulled in more than $31 billion of orders for its first dollar debt offering in three years as the firm seeks to raise $6 billion.NYC Penthouse Sells for $135 Million in Priciest Deal Since 2022
Saudi Arabia’s government and affiliated companies have borrowed vast amounts this year, and as of June had topped China as the biggest issuer of international debt among emerging markets. The state, 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 is a big part of the kingdom’s cash flow plans.
The company hired banks including Citigroup Inc., Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Morgan Stanley and SNB Capital to manage the latest bond sale. Chief Financial Officer Ziad Al-Murshed said in February that the company would sell long-dated debt this year as financial markets improve and the company looks to boost leverage on its balance sheet. The plan to issue long-maturity bonds shows Aramco is confident it can remain relevant well past the middle of the century even as the energy transition raises questions over future oil demand.
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