Saudi Aramco’s international bond attracts strong interest as demand tops $30-billion GlobeBusiness
Demand for Saudi Aramco’s inaugural international bond, seen as a gauge of potential investor interest in the company’s eventual initial public offering, is higher than $30-billion, Saudi Energy Minister Khalid al-Falih said on Monday.
State-owned Saudi Aramco met investors last week in a global bond roadshow ahead of the issue. The bond is expected to attract demand from both emerging markets and investment-grade buyers, as Aramco’s status as the world’s largest oil company would put its bonds in the same league as those issued by independent international oil majors like Exxon and Shell.
He said he expects demand for the paper to reach $45-billion-50-billion, as its different maturities will attract a wide range of investors from different regions. The bond, announced last week, follows on the heels of Aramco’s agreement to buy a 70 percent stake in petrochemicals firm Saudi Basic Industries from Saudi Arabia’s Public Investment Fund in a deal worth $69.1-billion.Al-Falih said on Monday he hopes Aramco’s SABIC acquisition will be completed within six months.The transaction will give PIF firepower to proceed with its plans to create jobs and diversify the largest Arab economy beyond oil exports.
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