Markets China to sell dollar bonds in Saudi Arabia By Matt Smith November 6, 2024, 7:07 PM Alamy via Reuters China is set to issue dollar bonds this month, reinforcing its deepening ties between the world's top oil and economic powers China will sell dollar bonds in Saudi Arabia this month, its first debt issuance denominated in the US currency since October 2021. The imminent issuance marks a further deepening of ties between Opec’s top oil producer and the world’s largest economy by purchasing power parity. China is Saudi Arabia’s most important trade partner, buying 16 percent of the kingdom’s exports and supplying 23 percent of its imports in the second quarter of 2024, government data shows. The East Asian country will sell up to $2 billion in dollar debt in Riyadh next week, the Financial Times reported citing China’s finance ministry. China, which has A+ credit ratings with both S&P Global Ratings and Fitch Ratings, usually issues dollar bonds in Hong Kong with the most recent being in October 2021 when it raised $4 billion. Saudi Arabia to establish economic zone with China The US bond market faces a winter of discontent US rate cuts will help Gulf bonds but oil worries persist Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
