Daily Management Review

Saudi Aramco to issue bonds for $ 2 bln


Saudi Arabian Oil Co., state oil company of Saudi Arabia, plans to raise about $ 2 billion in the debut bond sale, which will be the first step of the energy giant to attract $ 10 billion on the market, Bloomberg reports citing informed sources.

Saudi Aramco will sell Islamic bonds, nominated in Riyals, in the II quarter, sources told the agency. The company is preparing to sell bonds before the IPO, which is scheduled for 2018.

Last year, the Middle East and North Africa sold bonds for almost $ 80 billion. This is the largest amount since Bloomberg began collecting data in 1999.

In October las year, the government of Saudi Arabia for the first time sold bonds worth $ 17.5 billion, which became the largest ever placement of bonds among developing countries.

Saudi Aramco enlisted the services of local division of HSBC Holdings Plc and Riyad Capital to participate in the sale of bonds, sources said last month. NCB Capital Co. and Alinma Investment Co. are also working on the deal, which may be followed with a release of dollar bonds.

This year, Saudi Arabia also plans to sell Islamic bonds in Riyals to local institutions to help grow the local market, sources said earlier this month.

source: bloomberg.com

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