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Saudi Arabia raised €1.5 billion ($1.82bn) through the sale of euro-denominated bonds, its second deal in two months as the kingdom continues to diversify its funding base and take advantage of low interest rates.
The Arab world's biggest economy raised €1bn through three-year notes maturing in 2024, with a negative return of -0.06 per cent, and €500 million through nine-year notes, offering a return of less than 1 per cent, the kingdom’s National Debt Management Centre (NDMC) said in a statement through the Saudi Press Agency on Thursday.
The issuance – the largest with a negative yield outside the European Union – was more than three times oversubscribed with total orders topping €5bn, minister of finance and acting minister of economy, Mohammed Al-Jadaan, said in a separate statement to the state news agency.