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Aramco looks to raise at least $3 bn from first bond sale in three years

Aramco is looking to raise a minimum $3 billion from its first bond sale in three years, people familiar with the plan said, adding to Saudi Arabia’s debt spree this year. Click here to connect with us on WhatsApp The world’s biggest oil exporter is offering debt with 10-, 30- and 40-year maturities, according to a person with knowledge of the matter. Meetings with fixed income investors are expected to start Tuesday, the person said, with funds likely to be used to refinance existing borrowings and contribute to its investment program. The Saudi government and its various units have been borrowing vast amounts this year, topping China as the biggest issuer of international debt among emerging markets. Aramco, whose massive dividend payout is a significant contributor to Crown Prince Mohammed Bin Salman’s economic diversification plan, is expanding natural gas production at home, spending billions to maintain oil output and pursuing acquisitions overseas.

News Source:- https://www.business-standard.com/world-news/aramco-looks-to-raise-at-least-3-bn-from-first-bond-sale-in-three-years-124070901250_1.html