NEWS： Saudi Arabia-US initial bonds are sought after
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The initial international bond issue by Saudi Arabia and the United States received a strong response, with the subscription size more than three times the expected issuance of $10 billion. The bond issue is seen as an indicator of investors'potential interest in Saudi Arabia's initial public offering (IPO).
The demand boom has made the six-part debt issue of the world's largest oil company less expensive than expected than Saudi government bonds. Saudi Arabia's initial bond issue will be priced on Tuesday and is expected to raise more than $10 billion.
People familiar with the matter told Reuters that Saudi Arabia's huge profits meant that investors were willing to buy even if the bond returns were ultimately lower than Saudi sovereign debt. Last year Amy made almost three times as much profit as Apple (AAPL.O).
Saudi Arabia delayed its IPO to 2021 last year to raise funds for the Saudi government to help reduce the budget deficit and diversify the Saudi economy beyond oil.
"The success of this bond issue will be a touchstone and a key leading indicator of the company's expected IPO in the next two years," said Salah Shamma, head of equity in the Middle East and North Africa at Franklin Templeton.
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