In a bond sale closely watched by investors globally, Saudi Aramco and its bankers are preparing to kick off what could be at least a $10 billion offering this week. Early indications suggest investors are already crowding in.
Demand for the most highly anticipated sale of the year already totaled $30 billion, Aramco Chairman and Saudi Energy Minister Khalid Al-Falih told Bloomberg TV in an interview in Riyadh on Monday. The state-owned oil giant and bankers spent the last week drumming up support for its debut offering at presentations in cities ranging from New York and Chicago to Singapore and Tokyo.
Bond update:
- Roadshow finishing Monday
- IPTs will launch London afternoon Monday across a range of tenors
- Books will be open overnight tonight and during Asia day Tuesday
- Look to price Tuesday afternoon London time
The success of the sale is hugely important for banks, such as JPMorgan Chase & Co., that are working on the company’s behalf. They are eager to run an initial public offering by Aramco -- the world’s most profitable company -- if and when it comes, which would bring lucrative fees for the selected banks. In a rare appearance that underlines the bond sale’s significance,
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