Saudi Arabia plans up to $17.5 bln in first bond issue

The figure exceeds the $15 billion which an analyst had previously told AFP could be the value of the issue. (File photo: AP)

Saudi Arabia plans to raise up to $17.5 billion from its first international bond issue, Bloomberg News reported on Wednesday, citing two people familiar with the offering.

It would make the Saudi issue the largest ever from an emerging-market nation, said Bloomberg News, whose sources were not identified.

The figure exceeds the $15 billion which an analyst had previously told AFP could be the value of the issue.

The kingdom, the world’s largest oil exporter, projected a deficit of $87 billion this year after a fall in oil revenues, which still accounts for most of its income.

To cover the shortfall, Saudi Arabia has imposed unprecedented subsidy cuts, slowed government projects, and last month cut cabinet ministers’ salaries, among other measures.

Saudi Arabia has already issued domestic bonds.

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Last Update: Wednesday, 20 May 2020 KSA 14:12 - GMT 11:12
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