UPDATE 2-Saudi Arabia ready to issue new international bonds as soon as January - Reuters:
Saudi Arabia might issue new international bonds as soon as January, as part of plans to raise $32 billion worth of debt next year, a senior finance ministry official told Reuters.
The kingdom has been borrowing extensively over the past few years, locally and internationally, to tap new revenue channels in an era of lower oil prices.
“We are very much ready, as early as the first of January, to issue our international bonds subject to market conditions of demand and supply,” Fahad al-Saif, who heads the kingdom’s debt management office (DMO), said in an interview.
Of the total debt plans, almost $12 billion will be to refinance existing local debt, and will be done locally, Saif said.
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