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Thursday, 25 August 2016

Saudi Arabia said to target first dollar bond in October after Fed meeting | GulfNews.com

Saudi Arabia said to target first dollar bond in October after Fed meeting | GulfNews.com:

"Saudi Arabia is planning to sell its first international bond in early October as the country seeks to plug a budget deficit estimated at about $80 billion this year, according to people with knowledge of the matter.
The government may hold a roadshow for potential investors in the last week of September and sell at least $10 billion of bonds early the following month, the people said, asking not to be identified as the information is private. The timing and size of the deal may change depending on market conditions, they said, with one person saying the kingdom wouldn’t be concerned by a potential US interest rate increase next month.
Citigroup Inc., HSBC Holdings Plc, and JPMorgan Chase & Co. were hired as global coordinators for the sale, people familiar told Bloomberg in June. Proceeds would be used to help fund an economic transformation plan and plug a budget shortfall caused by the slump in oil prices, they said. The gap is estimated at 13 per cent of economic output this year, according to the International Monetary Fund.
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