Saudi Aramco reportedly planning $10bn bond next week to fund SABIC deal

Saudi Aramco reportedly planning $10bn bond next week to fund SABIC deal
Published: 29 March 2019 - 5:30 a.m.
By: Carla Sertin

Saudi Aramco could issue a $10bn international bond next week to fund its acquisition of a majority stake in SABIC, Bloomberg reported, citing anonymous sources. After months of anticipation, Saudi Aramco last week signed an agreement to pay $69.1bn for a 70% stake in Saudi chemcials giant Sabic.

Saudi Arabia's Energy Minister Khalid Al-Falih said in January that Saudi Aramco could issue a $10bn bond, and also might stagger payments, but no timeline had been set for the bond issuance. The deal will open up Aramco's accounts to investors, and will make operational information public for the first time since the company was nationalised.

JPMorgan Chase and Morgan Stanley will manage Saudi Aramco's international dollar-bond sale, with dozens of other banks co-managing the debt sale, according to Bloomberg.

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