Saudi Arabia’s state-controlled energy giant Aramco plans to tap bond markets for the first time as early as next week, sources told the Financial Times.
While the exact dollar figure has not been confirmed, initial media reports put the Aramco bond issuance amount at $10 billion. The move is designed to help raise funds for a down payment on the oil giant’s $69.1 billion purchase of a majority stake in Saudi petrochemicals firm Sabic.
The PIF, chaired by Prince Mohammed, is seeking to transform the local economy while investing tens of billions of dollars in eye-catching investments such as Uber and Tesla. The deal was first mooted last year when it became clear that the kingdom had to shelve its plans to list Aramco as investors balked at the $2tn valuation. That initial public offering was designed to raise as much as $100bn, which would have been injected into the PIF.
Full Content: Financial Times
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