Saudi Aramco's latest bond offering attracts a staggering $31 billion in orders, demonstrating strong investor confidence in the energy giant's financial stability and growth prospects.
Saudi Aramco has attracted orders worth a total $31 billion for a fresh bond the company said it would place on international markets. The size of the bond was $6 billion. In its first debt offering in three years, the Saudi energy giant offered 10- and 30-year notes, with offers for both topping $11 billion, Bloomberg reported, citing an unnamed source familiar with the deal. The company also offered investors a 40-year note in the tranche.
According to early reports about the bond offering, the proceeds would go towards refinancing existing debt and helping the investment program of the world’s largest oil company by market value and production. 'Aramco is extending maturities as it will continue to gradually leverage up given their expansion plans and capex needs,' the managing director of fixed income advisory at Union Bancaire Privee told Bloomberg.
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