Orders for Saudi Aramco’s debut international bonds topped $85 billion, a record breaking vote of market confidence for the oil giant despite some investor concerns about government influence over the company.
State-owned Aramco was expected to raise around $10 billion from the deal, which will be priced later on Tuesday and is seen as a gauge of potential investor interest in the Saudi company’s eventual initial public offering.
Before the six-part bond deal was marketed on Monday, Saudi Energy Minister Khalid al-Falih said initial indications of interest for the paper were over $30 billion.
