Orders for Saudi Aramco's debut international bond topped $100 billion on T...
DUBAI - Orders for Saudi Aramco’s debut international bond topped $100 billion on Tuesday, a record breaking vote of market confidence for the oil giant which has faced investor concerns about government influence over the company.
Demand appeared to be the largest ever for emerging markets bonds, fund managers said, surpassing orderbook value of more than $52 billion for Qatar’s $12 billion deal last year, $67 billion for Saudi Arabia’s inaugural issue in 2016 and $69 billion orders for Argentina’s $16.5 billion trade that year.
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 - before the bonds were actually sold - prompted Aramco to market the notes with almost no premium to Saudi government debt.
The issue follows on the heels of Aramco’s planned $69.1 billion acquisition of a 70 percent stake in petrochemicals firm Saudi Basic Industries Corp from the Saudi sovereign wealth fund, a deal that many see as a transfer of government funds aimed at boosting the Saudi Crown Prince’s economic agenda.
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