Aramco Targets $3 Billion From Bond Sale Amid Saudi Debt Spree
- Saudi oil firms kicks off dollar-denominated sukuk deal
- The state oil company sold $6 billion of bonds in July
Aramco’s dollar-debt sale in July drew strong demand with final order books topping $23 billion.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Arabia’s state-run oil behemoth is looking to raise $3 billion in its second international bond sale in two months, the latest deal in the kingdom’s debt spree this year.
Saudi Aramco has mandated banks for the dollar-denominated bonds, according to a statement on the Saudi stock exchange, without giving details on the amount it plans to raise. The expected $3 billion issuance will be split between five- and 10-year sukuk, as securities compliant with Islamic rules are known, according to a person familiar with the matter who asked not to be identified.