Demand for Saudi Aramco's inaugural international bond, seen as a gauge of ...
RIYADH - 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.In a company presentation last week, however, the company said the deal will close in 2020.
FILE PHOTO: Saudi Energy Minister Khalid al-Falih speaks during a news conference in Riyadh, Saudi Arabia January 9, 2019. REUTERS/Faisal Al Nasser/File Photo
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