Saudi Arabia Returns to Eurobond Market as Gulf Tensions Ease - Bloomberg:
Saudi Arabia is selling its first Eurobond of the year on Tuesday as tension in the Middle East eases over the U.S. assassination of Iranian commander Qassem Soleimani.
The kingdom is selling $5 billion of debt, taking advantage of low borrowing costs globally. It’s seeking to plug part of its growing budget deficit by issuing about $32 billion of local currency and international debt over the course of the year.
Tuesday’s deal was made up of three dollar tranches, according to people with knowledge of the matter, who asked not to be identified because they’re not authorized to speak about it. The country is selling a seven-year offering for 85 basis points over U.S. Treasuries, 110 basis points for a 12-year security. It’s also selling a 35-year bond that yields 3.84%, which is Saudi Arabia’s longest yet.
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