Saudi Arabia joined the ranks of countries that get paid to borrow in euros as the outlook for the kingdom turns favorable with a recovery in oil prices.
The world’s largest crude-oil exporter sold 1.5 billion euros of bonds ($1.8 billion), the second time it’s issued debt in the common currency, after attracting orders for more than three times the notes on offer, according to a statement on the Finance Ministry’s website.
The Chinese government, which has the same rating as Saudi Arabia from Moody’s Investors Service, issued debt in euros at a negative rate for the first time last year.
- 1 billion euros of Saudi Arabia’s three-year notes were priced at 40 basis points over midswaps, compared with initial price guidance of about 60 basis points, according to people familiar with the matter
- 500 million euros of nine-year securities were priced at 70 basis points over midswaps, compared with roughly 90 basis points at the start of the sale
- The yields were minus 0.057% for the three-year debt and 0.646% for nine-year notes
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