Saudi Aramco attracts huge $100bn demand for landmark bond
Demand beats $67bn for state-owned Aramco's inaugural bonds in 2016
Dubai — Orders for Saudi Aramco's debut international bonds topped $100bn on Tuesday, a record-breaking vote of market confidence for the oil giant despite some investor concerns about government influence over the company. State-owned Aramco is expected to raise more than $10bn from the deal, which will be priced later on Tuesday and is seen as a gauge of potential investor interest in the Saudi company's eventual initial public offering. Before the six-part bond deal was marketed on Monday, Saudi energy minister Khalid al-Falih said initial indications of interest for the paper were above $30bn. Demand for the paper was the largest for emerging markets bonds since an orderbook value of more than $52bn for Qatar's $12bn deal last year. It also surpasses the $67bn in demand for Saudi Arabia's inaugural issue in 2016. "Purely on figures, it is a fantastic credit," said Damien Buchet, CIO of the EM Total Return Strategy, Finisterre Capital. But he added: "The thing is, they are part ...
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