Saudi Arabia launched its debut international bond sale on 19 October, raising $17.5bn in an offering that was $50bn oversubscribed. This is by far the Middle East’s largest offering, dwarfing Qatar’s record $9bn from April, and also the largest for an emerging market.
This brings the value of GCC bonds and sukuk (Islamic bonds) issued this year above $50bn, smashing 2013’s previous record of $32.3bn (MEES, 22 July). Further bonds are in the offing from the likes of Oman, and domestic entities within the kingdom. This bond was viewed by many as a bellwether for international appetite for Saudi debt – clearly that appetite is strong. (CONTINUED - 489 WORDS)
