Dubai/London: Saudi Arabia raised $17.5 billion in the biggest ever bond sale from an emerging-market nation as it seeks to shore up finances battered by the slide in oil. The kingdom raised $5.5 billion in each of the five and 10-year bonds and $6.5 billion in 30-year debt. The country’s five-year bonds were trading at a spread of 98 basis points over US Treasuries, 121 basis points on 10-year bonds and 164 basis points on 30-year securities as of 5:25pm on Wednesday in Dubai, according to data compiled by Bloomberg. Even before the Saudi offering, issuance this year rose to an unprecedented $48.3 billion. Five-year credit default swaps dropped 23 basis points to 144 basis points on Monday, the lowest level in a month, and were little changed Tuesday, according to data compiled by Bloomberg.

Source: Mint October 20, 2016 09:33 UTC