Bond investors’ fervor for new U.S. dollar-denominated corporate bond sales and emerging market assets ratcheted up a notch Tuesday, with Saudi Arabian Oil Company’s (Saudi Aramco) debut debt deal.
Oil giant Saudi Aramco entered the U.S. primary market with a multi-part note offering, which was said to have fetched more than US$100bn in orders.
According to Bloomberg, the US$12bn, five-part issuance met with a groundswell of interest – notably for its longer-dated maturities – with spreads having compressed by roughly 15bps to 20bps from initial price talk through final terms.
Some of the deal’s tranches