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Saudi Arabia Issues $5 Billion of Bonds as Gulf Tensions Ease

  • Investors placed $23 billion of orders for the Eurobonds
  • Kingdom’s 35-year tranche was priced with a yield of 3.84%
Updated on

Saudi Arabia sold its first Eurobond of the year on Tuesday as tension in the Middle East eased over the U.S. assassination of a top Iranian general.

The kingdom issued $5 billion of debt, taking advantage of low borrowing costs globally. It’s seeking to plug part of its growing budget deficit by selling about $32 billion of local currency and international debt over the course of the year. Investors placed more than $23 billion of orders for the debt, the Ministry of Finance said in a statement.