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Aramco to issue new bonds after $11bn share sale

Saudi Aramco's secondary share offering was the largest in Europe, the Middle East and Africa since 2000 Reuters
Saudi Aramco's secondary share offering was the largest in Europe, the Middle East and Africa since 2000

Saudi Aramco has appointed regional and global bankers for a new bond sale just a month after raising more than $11 billion from a secondary share offering.

The oil giant, listed on the Saudi stock exchange, will issue senior unsecured US dollar-denominated bonds. The fund will aid in its general corporate purposes or any other purpose under the terms of the issuance.

Investor calls for benchmark debt issue will start on Tuesday. The bonds will be listed on the London Stock Exchange.



Citi, Goldman Sachs International, HSBC, J.P. Morgan, Morgan Stanley and SNB Capital will work as joint active bookrunners.

Abu Dhabi Commercial Bank, SNB Capital, Bank of China, BofA Securities, BSF Capital, Emirates NBD Capital, First Abu Dhabi Bank, GIB Capital, Mizuho, MUFG, Natixis, Riyad Capital, SMBC Nikko and Standard Chartered Bank were named as passive joint bookrunners.

The total amount to be raised was not disclosed, but Aramco said “the proceeds will be subject to market conditions”.

Saudi Aramco said in May that it is planning to launch nearly 100 projects in the next three years to modernise existing oil and gas facilities and increase output and treatment capacities.

It also makes substantial international investments to build its global liquified natural gas portfolio.

Its capital investments are expected to reach between $48 billion and $58 billion in 2024, compared with $49.7 billion last year. The company plans to increase spending until around the middle of this decade.

In June, Aramco closed its secondary share offering, securing SAR42.1 billion ($11.2 billion) for the government exchequer.

The proceeds from the offering will rise to SAR46.31 billion if the over-allotment option is exercised in full.

The offering was the largest secondary offering in Europe, Middle East and Africa since 2000 and the largest equity offering in the Middle East after Aramco’s own initial public offering in 2019.

Fitch Ratings said in May that the total debt capital market in the GCC is likely to cross $1 trillion this year after reaching $940 billion in the first quarter of 2024.

More than a third of GCC debt issued last year was sukuk, which are sharia-compliant bonds developed as an alternative to conventional bonds.

Fitch data showed that in Q1 2024, GCC banks issued more US dollar debt, 51 percent of which was sukuk, than in full-year 2023. 

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