Saudi Oil Giant Readies $5B Bond To Fund Huge Dividend ...Middle East

Saudi Arabia's oil giant Aramco plans to raise around US$5 billion in a new bond sale as early as this month, as it looks to fund its massive annual dividend of US$75 billion, Bloomberg reported on Wednesday, quoting sources familiar with the plans. Saudi Aramco has already lined up more than a dozen banks to manage the bond sale, which will not be the first one for the oil giant in recent years. The debt sale could be both U.S.-denominated and denominated in the local currency in a sukuk, or Islamic bonds, issue, according to Bloomberg's sources. …

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