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Tuesday, 21 March 2017

Saudi Aramco Plans $2 Billion Debut Bond Ahead of IPO - Bloomberg

Saudi Aramco Plans $2 Billion Debut Bond Ahead of IPO - Bloomberg:

"Saudi Arabian Oil Co. is seeking to raise about $2 billion in its debut bond sale, the first step of a plan by the energy giant to tap markets for $10 billion, according to people familiar with the matter. Saudi Aramco, as the company is known, will sell riyal-denominated Islamic bonds, or sukuk, as early as the second quarter, the people said, asking not to be identified as the discussions are private. The sukuk may be privately placed with investors, they said. Saudi Aramco is preparing to sell bonds ahead of an IPO in 2018, the latest in a string of debt sales that raised almost $80 billion for countries in the Middle East and North Africa, the most since Bloomberg started compiling data in 1999. The Saudi government’s debut offering in October raised $17.5 billion in the biggest-ever emerging-market sale."

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