Saudi Arabia sold $12 billion of bonds — its largest deal since 2017 — amid a record start to a year for emerging-market countries, according to a report in Bloomberg.
The bond sales by Saudi Arabia added to the almost $25 billion of bonds that developing nations had sold since the start of the year, the report said.
The Saudi deal is equivalent to more than half the fiscal deficit the government is projecting for this year, it added.
The kingdom sold six-, 10- and 30-year notes with respective yields of 4.89%, 5.13% and 5.91%. Ten-year US Treasuries trade around 4%.
Investors placed around $30 billion of orders, according to Saudi Arabia’s debt office. Citigroup Inc., JPMorgan Chase & Co., HSBC Holdings Plc and Standard Chartered Plc were the main banks managing the sale, Bloomberg reports.
