ECONOMY | Saudi Aramco Plans Debt Market Comeback With Multi – Tranche Bond Deal

Saudi Aramco said on Monday it had hired banks for a multi – tranche U.S. dollar – denominated bond issuance, as the world’s largest oil company seeks cash amid lower oil prices.

Gulf issuers have shown no sign of slowing this year’s blitz of issues on international debt markets as they work to plug issues on international debt markets as they work to plug finances hit by weaker oil prices and the coronavirus crisis.

Issuance from the region so far this year have already shot through 2019’s record, again surpassing $100 billion.

Goldman Sachs, Citi, HSBC, JPMorgan, Morgan Stanley and NCB Capital were hired to arrange investor calls starting on Monday before the planned transaction, Aramco said in a bourse filing.

Other banks involved in the deal include BNP Paribas, BOC International, BofA Securities, Credit Agricole, First Abu Dhabi Bank, Mizuho, MUFG, SMBC Nikko and Society Generale, a document issued by one of the banks on the deal showed.

The oil giant, which made its debut in the international debt markets last year by raising $12 billion after receiving more than $100 billion in orders, did not detail the size of the latest proposed issuance.

It planned a benchmark multi – tranche offering consisting of tranches for three, five, 10, 30 and/or 50 years, subject to market conditions, the document said. Benchmark bonds are generally at least $500 million per tranche.

‘The backdrop is supportive’, said a debt banker on the deal, citing a $1 billion Islamic bond issuance last week from Dubai Islamic Bank, which achieved record low yields.

Aramco needs cash to pay $37.5 billion in dividends for the second half 2020 and to fund its $69.1 billion acquisition of 70$ of Saudi Basic Industries (SABIC), paid by installments until 2028. It raised a $10 billion loan this year.

Saudi Energy Minister Sees Demand From Gas – To – Oil Switch At Up To 600,000 BPD

LONDON – Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000 – 600,000 barrels per day (bpd), adding that the world was now waking up to shortages in the energy sector. Prince Andulaziz said the potential switch depended on how severe winter … More Saudi Energy Minister Sees Demand From Gas – To – Oil Switch At Up To 600,000 BPD

Riyadh Winter Wonderland Back In Saudi Arabia, 40 Pct Larger Than Previous Season

RIYADH, Saudi Arabia –  Riyadh Winter Wonderland is set to make a comeback in Saudi Arabia’s capital with 40 percent more space during Riyadh Season, with added games, activities, and shows for all age groups. Starting October 26 and lasting until the end of March 2022, Winter Wonderland will include more than 103 games and six areas: Dreamland Carnival, … More Riyadh Winter Wonderland Back In Saudi Arabia, 40 Pct Larger Than Previous Season

Saudi Arabia Advises Citizens Not To Travel To Lebanon – Ministry

PARIS, France – Saudi Arabia has advised its citizens not to travel to Lebanon in light of the latest security events, the foreign ministry wrote on Twitter on Sunday. Lebanon remains on  a Saudi travel list where obtaining prior permission to visit is required. On Thursday, seven people were killed in violence in Beirut  as crowd … More Saudi Arabia Advises Citizens Not To Travel To Lebanon – Ministry

Saudi Arabia’s Crown Prince Launches Strategic Offices For Al – Baha, Al – Jouf, Jazan

JEDDAH, Saudi Arabia – Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Sunday the launch of the strategic offices for the development of al – Baha, al – Jouf, and Jazan regions. According to the Saudi Press Agency (SPA), these offices aim to capitalize on the unique competitive advantages each of the three regions … More Saudi Arabia’s Crown Prince Launches Strategic Offices For Al – Baha, Al – Jouf, Jazan

Saudi Arabia Allows Full Capacity At Sports Stadiums, Facilities

PARIS, France – Saudi Arabia’s Ministry of Sports announced that vaccinated visitors will be allowed into all sports stadium and facilities as they operate at full capacity, the official Saudi Press Agency (SPA) reported Sunday. Visitor entry will be limited to those who are  fully vaccinated against COVID – 19, as per Kingdom’s rules, the … More Saudi Arabia Allows Full Capacity At Sports Stadiums, Facilities

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