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DUBAI / WAM
Saudi Arabia’s debut US Dollar-denominated Islamic bond has attracted more than US$25 billion of investor orders so far, according to Bloomberg.
The fall in global oil prices has prompted the kingdom to prepare what may be the world’s largest initial public offering of state-owned oil company, Saudi Arabian Oil Co, Aramco.
The company last week sold $3 billion in bonds, which followed the government’s debut conventional offering in October that raised $17.5 billion
in the biggest-ever emerging-market sale.
Saudi Arabia’s 2021 bonds were trading at a Z-spread of 92 basis points, while its 2026 bonds were trading at 135 basis points over the same benchmark at 12:38 p.m. in Dubai, according to data compiled by Bloomberg.