Saudi Arabia raised $11.5 billion through a four-tranche dollar bond sale, marking its first issuance this year as the kingdom continues with its economic diversification plans.
The first tranche is valued at $2.5 billion for a three-year bond and the second tranche totalled $2.75 billion for a five-year bond. The third tranche is valued at $2.75 billion with a 10-year tenure, while the $3.5 billion fourth tranche matures in 30 years.
The total order book for the issuance reached about $31 billion, which equals an oversubscription of 2.7 times, the National Debt Management Centre (NDMC) said in a statement on Tuesday.
"The bid-to-cover ratio reflects the strong demand for the kingdom's issuances, underscoring investor confidence in the strength of the kingdom's economy and its future investment opportunities," the NDMC said.
The transaction was conducted in line with Saudi Arabia's recently announced an
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