Saudi Arabia to tap bond market for third year in a row

Saudi Arabia to tap bond market for third year in a row:

"Saudi Arabia is set to finalise the refinancing of a major sovereign loan, paving the way for the kingdom to tap international bond markets for the third year in a row as the government looks to ease fiscal pressures and cement its position as a major global borrower. The plan for the bond sale is expected to follow soon after the kingdom finalises as early as this week the refinancing of a $10bn loan first made in April 2016 that will change to a new five-year facility of about $15bn-$16bn at cheaper rates. The ministry of finance, which declined to comment, could as early as March mandate global lenders to sell a new bond, building on last year’s $12.5bn issue and $9bn sharia-compliant sukuk instrument, bankers in the Gulf familiar with the matter said."



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