Saudi state oil giant Aramco returns to debt market with dollar bond sale

Saudi state oil giant Aramco made its return to the debt market on Tuesday after a three-year hiatus, joining top companies and governments in the Gulf that have tapped markets this year to fund investments.

Aramco, which last tapped global debt markets in 2021 when it raised $6-billion from three-tranche sukuk, flagged in February it was likely to issue bonds this year. Aramco’s bond sale is “likely an indication the company will continue to pursue acquisitions aggressively,” said Yousef Husseini, an analyst at EFG Hermes.

PIF, which has spent billions on everything from electric cars to sports and planned futuristic cities in the desert, has also raised almost $8-billion from three debt sales.

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