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Thu 11 Apr 2019 02:03 PM

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Alwaleed's Kingdom said to swerve deal for Saudi Aramco bonds

Kingdom Holding CEO Talal Ibrahim al-Maiman says yield on Aramco bonds was 'a bit lower' than what the company would expect

Alwaleed's Kingdom said to swerve deal for Saudi Aramco bonds
Kingdom Holding Co is the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal.

Kingdom Holding Co, the investment vehicle of Prince Alwaleed bin Talal, did not buy bonds of Saudi Aramco, according to its chief executive.

Talal Ibrahim al-Maiman was quoted by Reuters as saying that the yield on the bonds was “a bit lower” than what the company would expect.

On Tuesday, Saudi Arabia took its first major step onto the global financial stage to fund the ambitions of its crown prince, issuing $12 billion of bonds for its state-run oil company in one of the most oversubscribed debt offerings in history.

The demand for Saudi Aramco’s debut offering was so robust it allowed the energy giant to borrow at a lower yield than its sovereign parent, a rarity in the debt world.

The bond sale raises money to finance Saudi Arabia’s economic agenda after an initial public offering of Aramco was postponed last year until at least 2021.

Maiman, who was speaking at a conference in Abu Dhabi, also said Kingdom has signed term sheets for a $1 billion loan with three international and two local banks.

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