Aramco gets whopping $100 billion demand for landmark bond
DUBAI - Saudi Aramco is set to raise $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking vote of market confidence for the oil giant which has faced investor concerns about government influence over the company.
Such strong interest was also the latest sign that international investors are pouring money back into Saudi Arabia, as the kingdom tries to move on from the murder of Saudi journalist Jamal Khashoggi after his killing at the hands of Saudi agents in October strained ties with Western allies. Aramco has insisted on its independence while meeting investors ahead of the bond issue last week, saying the Saudi government remained committed to Aramco’s governance framework to safeguard its independence even when oil prices dropped.
Initial indications of over $30 billion in investor demand prompted Aramco to market the notes with almost no premium to Saudi government debt. “I think it’s madness that’s it’s going inside the sovereign by a decent margin. Despite the fundamentals of Aramco, it’s ultimately sovereign risk,” said Richard Briggs, emerging markets strategist at London-based CreditSights.
“This bond is being issued for two reasons: to establish Aramco’s status as an independent corporate identity and to enable the transfer of wealth out of the company,” said Marcus Chenevix, analyst, MENA and global political research at TS Lombard.
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