(Bloomberg) -- Saudi Aramco has started the sale of dollar-denominated debt, extending the oil-rich kingdom’s debt spree as it brings in cash to help fund projects.
The world’s biggest oil exporter is selling bonds for the first time since 2021. The debt has 10-, 30- and 40-year maturities, according to a person with knowledge of the matter. Aramco is seeking to raise at least $3 billion, and may increase the size depending on investor demand, Bloomberg has reported.
Saudi Arabia’s government and affiliated companies have borrowed vast amounts this year, topping China as the biggest issuer of international debt among emerging markets. The government, which needs funds to help cover an expected budget shortfall resulting from an ambitious economic diversification plan, has accounted for more than half of the total debt sold by Saudi entities this year.
Aramco sold its first dollar bond in 2019 and followed with a 50-year debt in 2020. It issued dollar-denominated Islamic notes
©2024 Bloomberg L.P.