Investors bid for more than triple the $3.25 billion that Saudi Arabia raised in sales of dollar bonds Tuesday, the country’s third foray into international debt markets this year.
The kingdom sold $2 billion of Islamic debt maturing in 9 1/2 years and $1.25 billion of 30-year conventional bonds, according to people familiar with the matter. The 30-year notes were priced to yield 3.36%.
The Saudi economy has rebounded this year as the coronavirus pandemic eases and oil prices soar. Moody’s Investors Service raised the country’s credit-rating outlook to stable from negative on Friday, citing the government’s improving fiscal position.
BNP Paribas SA, Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. managed the sale. Investors placed around $11 billion of orders for the deal, one of the people said.
Saudi Arabia issued euro-denominated bonds in February and $5 billion of dollar debt in January.
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