(MENAFN) Saudi Arabia has picked Citigroup, HSBC and JP Morgan to arrange its new USD10 billion bond, local financial sources reported.
Banks had pitched for roles on the transaction earlier this month; financiers speculated the extremely anticipated sovereign bond issue.
It's worth mentioning that Saudi is turning to international debt markets to boost a budget shortfall caused by the huge drop in oil prices in the last two years.
Saudi Arabia has an oil-based economy with strong government control over main economic activities. Saudi Arabia possesses 18% of the world's proven petroleum reserves.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.