The Saudi government plans to issue dollar-denominated bonds in the international market in October, and expectations indicate that it will issue bonds worth $10 billion, in three tranches, the first tranche for 5 years, the second for 10 years, and the third for 30 years. The main banks chosen to arrange its first international bond issuance are the American financial services company Citigroup, the British HSBC Bank and the American JPMorgan Chase Bank, which will coordinate the offering for the planned conference.<\/p>\n
By holding the conference, the Saudi government aims to attract financial institutions, including global sovereign wealth funds, global bond funds and hedge funds, due to their huge solvency, as they are the primary target investors.<\/p>\n
According to the report, the timing and size of the offering may change in light of global financial market conditions. One of the sources noted that the Kingdom will not be concerned with the potential interest rate increase in the United States next month, and this has increased the interest of most global financial institutions in this issuance.<\/p>\n
The decision is intended to finance the Saudi government's economic transformation plan and close its 2016 budget deficit, estimated at 13% of the country's GDP, caused by the decline in global oil prices, whose revenues make up the lion's share of the Saudi budget, according to International Monetary Fund (IMF) estimates.<\/p>\n
A number of bankers and experts explained that the Kingdom's issuance of dollar bonds is in the interest of the economy, and will provide liquidity within banking institutions and facilitate credit operations for the private sector and individuals, and emphasized that there are no concerns about this step as long as the Kingdom sells in dollars and its return is in dollars, so dollar borrowing will not affect the Saudi economy or currency reserves.<\/p>\n
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