The kingdom is considering international bonds in dollars and other currencies, Al-Jadaan told Bloomberg TV in Riyadh on Wednesday. The exact timing of the issuances will depend on market conditions. The minister didn’t break down the total into local and international debt.
“We now have access to a wider network of investors in the U.S., which is the primary market, but also in Europe and Asia,” Al-Jadaan said. “So we are expanding and we are likely to go to the international markets early next year.”
The world’s largest crude exporter on Tuesday released its budget for 2019, with expectations for a deficit of SAR 131 billion, or 4.2 percent of gross domestic product. Saudi Arabia issued international bonds for the first time in 2016 as part of Crown Prince Mohammed bin Salman’s economic overhaul to prepare the kingdom for life after oil.
(Source: Bloomberg Markets and Finance YouTube channel)