DUBAI - Saudi Aramco said on Monday it had hired banks for a multi-tranche U.S. dollar-denominated bond issuance, as the world’s largest oil company seeks cash amid lower oil prices.
Issuances from the region so far this year have already shot through 2019’s record, again surpassing $100 billion. The oil giant, which made its debut in the international debt markets last year by raising $12 billion after receiving more than $100 billion in orders, did not detail the size of the latest proposed issuance.
Ratings agency Fitch revised its outlook last week on Aramco to negative from stable, a day after similar action on the sovereign of Saudi Arabia, which holds a controlling stake in the oil giant. The government’s finances are heavily reliant on the hydrocarbon industry.