Saudi Oil Giant Set for $10B Debt Deal Touted by Jamie Dimon - Bloomberg:
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 next week. Early indications suggest investors are already crowding in.
A message circulated among investors on Friday said interest in the most highly anticipated sale of the year already totaled more than $26 billion, according to people with direct knowledge of the matter. 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.
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, JPMorgan’s Chief Executive Officer Jamie Dimon spoke at a lunch in New York Thursday to market the deal, according to one of the people.
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