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Saudi Arabia issues $5 billion of bonds

Wednesday, 01 22 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Arabia sold its first Eurobond of the year on Tuesday as tension in the Middle East eases over the US assassination of a top Iranian general.

The Kingdom issued $5 billion of debt, taking advantage of low borrowing costs globally. It’s seeking to plug part of its growing budget deficit by selling about $32 billion of local currency and international debt over the course of the year.

The country issued a $1.25 billion seven-year tranche at 85 basis points over US Treasuries and a yield of 2.54 percent. A 12-year offering of $1 billion was priced at a spread of 110 basis points and yield of 2.88 percent, while a $2.75 billion 35-year tranche, the Kingdom’s longest yet, yielded 3.84 percent.

Saudi Arabia’s fixed-income assets have been more resilient than those elsewhere in the Middle East following Qassem Soleimani’s killing on Jan. 3. While Saudi Arabian sovereign spreads spiked that day, they’ve since fallen back to 138 basis points over US Treasures, according to JPMorgan Chase & Co. indexes.

Saudi Arabia’s sovereign dollar bonds have gained 0.8 percent in 2020, the most among the members of the Gulf Cooperation Council.

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