After being shunned by Wall Street and international investors last year, Saudi Arabia made a roaring comeback on Tuesday as oil giant Aramco received more than $100 billion in orders for its maiden global bond.
Category
🗞
NewsTranscript
00:00Saudi Arabia has revealed that its initial bond offering has received blockbuster interest
00:07from the world's investors.
00:09Saudi Aramco said on Tuesday that it received over $100 billion in orders for its inaugural
00:15bond, far exceeding the initial estimate of $10 to $15 billion.
00:20Analysts say it's the largest ever demand for an emerging market bond, which Saudi Aramco
00:26will plan to use in order to partly finance its acquisition of SABIC, the industrials
00:32corporation of Saudi Arabia.
00:34It's a $69.1 billion acquisition for 70% of the company.
00:39The bond will go some way, as I said, to financing that.
00:43In other news, for Naibla, the Abu Dhabi-based financial services company started by Indian
00:47billionaire Bevegutu Shetty has said it has plans to IPO on the London Stock Exchange
00:54with an intention to raise around $200 million in capital.
00:57A listing could value the firm at around $3.5 billion and could raise as much as $1 billion,
01:04depending on investor appetite, according to Bloomberg News.
01:07Shetty currently owns 91% of for Naibla, the company's CEO said on a call with reporters
01:12today.
01:13And lastly, EA Partners, a vehicle set up by Etihad Airways in 2015 to provide funds
01:19to other airlines that Etihad owns a stake in, has said that India's Jet Airways has
01:24now become the third airline that the Etihad was funding to fall behind on its interest
01:29payments.
01:30That's all for today.
01:31Thank you very much for watching.
01:32We'll be back tomorrow with more news, but until then, check gulfnews.com for the latest
01:36headlines.
01:37I'm Ed Clouds.
01:38See you tomorrow.