Saudi Arabia Joins Middle East Bond Binge to Boost Finances
- Investors placed more than $54 billion of orders for the deal
- Kingdom’s Eurobond follows those from Qatar, Abu Dhabi, Israel
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Saudi Arabia sold $7 billion of bonds on Wednesday as it followed other Middle Eastern states that have issued foreign debt to bolster their finances in the face of the coronavirus pandemic and plunging energy prices.
The offering marked the second time this year the world’s largest oil exporter has turned to international capital markets, as Crown Prince Mohammed bin Salman pushes ahead with plans to open up the economy and wean it off crude. In December, the government sold a $29 billion stake in energy giant Saudi Aramco through the largest initial public offering in history.