Orders for Saudi Aramco’s Debut International Bond Topped $100 billion in ‘Vote of Market Confidence’

Orders for Saudi Aramco’s debut international bond topped $100 billion on Tuesday, Reuters reports, in what amounts to a  “record breaking vote of market confidence” for Aramco after facing investor concerns about government influence over the company.

Al-Falih had previously said the $10 billion bond offering had been oversubscribed well above $30 billion.

Demand appeared to be the largest ever for emerging markets bonds, Reuters reported, citing fund managers.

Executives from Saudi Aramco pitched prospective investors on the company’s first international bond offering last week.

“All signs are that investors are eager for any piece of Aramco they can get — despite concerns about how closely its fortunes are tied to its owner, the government of Saudi Arabia, and Crown Prince Mohammed bin Salman,” the New York Times reports.

The bond sale will help finance Aramco’s $69 billion purchase of SABIC.