Saudi Arabia Targets $32 Billion of Bond Sales to Bridge Deficit - Bloomberg

Saudi Arabia Targets $32 Billion of Bond Sales to Bridge Deficit - Bloomberg:

Saudi Arabia intends to issue around 120 billion riyals ($32 billion) of bonds next year to help finance its deficit, with plans to tap international markets in the first half, Finance Minister Mohammed Al-Jadaan said.

The kingdom is considering international bonds in dollars and other currencies, Al-Jadaan told Bloomberg TV in Riyadh on Wednesday. The exact timing of the issuances will depend on market conditions. The minister didn’t break down the total into local and international debt.

“We now have access to a wider network of investors in the U.S., which is the primary market, but also in Europe and Asia,” Al-Jadaan said. “So we are expanding and we are likely to go to the international markets early next year.”