Saudi Arabia close to raising record amount for emerging market debt sale
Updated : 13:40
Saudi Arabia was near to closing the largest-ever debt sale by an emerging market sovereign.
Saudi Arabia was near to closing the largest-ever debt sale by an emerging market sovereign.
The Middle Eastern Kingdom was near to selling as much as $17.5bn in its debut international bond sale, according to reports.
A tranche of five-year US dollar denominated debt was priced at about 140 basis points above similarly-dated US Treasuries, 10-year debt at roughly 170 basis points above and 30-year debt at 215 basis point above, according to two persons with knowledge of the matter, Bloomberg said.
Those terms were at least 40 basis points more expensive than then current market-pricing for similar Qatari debt.
The previous record was set by Buenos Aires, in April 2016, when it sold $16.5bn.
Reports from the previous session had indicated that Riyadh was looking to sell at least $10bn in debt.
Market commentary indicated Saudi was likely trying to get ahead of a possible interest rate increase Stateside in December.