Saudi Arabia this week raised an international loan of €3bn – its first foray in the Euro-denominated debt – to top up its 2019 fundraising. The issue, more than four times oversubscribed with orders in excess of €13.5bn, is made up of two tranches - €1bn 8-year bond priced at 80 basis points over mid-swaps and €2bn 20-year bond priced at 140 over mid-swaps.

The yield in Euro terms is lower than the rates Saudi Arabia had to pay on its dollar debt of similar maturity with strong appetite for Saudi paper from European investors looking for higher yields than those available at home. (CONTINUED - 242 WORDS)