(MENAFN) Saudi Arabia plans to sell as much as USD5.3bn of debt on Monday as the Opec producer seeks to plug its budget deficit after oil prices plunged, two people familiar with the matter said.
The Saudi Arabian Monetary Authority is arranging the auction for August 10, The bonds will have tenors of five, seven and 10 years and will be placed with local banks, they said.
Opec's biggest oil exporter plans to boost its debt market as the kingdom diversifies its ISD752bn economy amid falling crude prices, with income from oil accounting for more than 90% of revenue, a more than 50% drop in prices in the past 12 months.
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