Saudi Arabia's first international bond offering of this year under the Kingdom's Global Medium-Term Note Issuance Programme (GMTN) received total orders of $31 billion, an oversubscription of 2.7 times.
The Kingdom issued a total of $11.5 billion (equivalent to SAR43.13 billion) via a quadruple tranche bond offering, the National Debt Management Center (NDMC) has announced.
The first tranche is valued at $2.5 billion for a 3-year bond maturing in 2029; the second tranche totalled $2.75 billion for a 5-year bond maturing in 2031; the third tranche totaled $2.75 billion for a 10-year bond maturing in 2036, while the fourth tranche totalled $3.5 billion for a 30-year bond maturing in 2056.
This transaction was conducted in accordance with the recently announced Annual Borrowing Plan, which aims to diversify the investor base and meet the Kingdom's financing needs from international debt capital markets efficiently and effectively.
The bid-to-cover ratio reflects the strong demand for the Kingdom's issuances, underscoring investor confidence in the strength of the Kingdom's economy and its future investment opportunities, NDMC said. - TradeArabia News Service
