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Economy

Saudi Arabia hires Goldman and SocGen for bond meetings in Europe

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The Kingdom has not decided whether it will proceed with a bond sale after the roadshow.

Monday 17, June 2019

(Bloomberg) --Saudi Arabia has hired Goldman Sachs and Societe Generale (SocGen) to arrange meetings with fixed-income investors in a non-deal roadshow, potentially paving the way for the Kingdom to issue its first bonds in euros.

Saudi Arabia has been tapping the global bond market to help finance its budget deficit after drop-in oil prices, the government’s main source of income.

The country last sold bonds internationally in January when it raised $7.5 billion when the Kingdom’s energy giant Saudi Aramco raised $12 billion in April to acquire a majority stake in SABIC from Public Investment Fund.

In December, Mohammed Al-Jadaan, Saudi Finance Minister said that the nation intends to sell about SAR 120 billion ($32 billion) of local- and foreign-currency debt this year to help fund the deficit, which is expected at about SAR 131 billion or 4.2 per cent of gross domestic product in 2019.

 

TAGS : SocGen, eurobond, Goldman Sachs Group, SABIC

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