Saudi Aramco prices 3-part bond sale at $5B: Report
Saudi Aramco priced its dollar-denominated three-part bonds at $5 billion and set their yield spread, Reuters reported, citing fixed income news service IFR.
The Saudi oil giant priced its five-year debt sale at $1.5 billion with spread at 80 basis points (bps) over US Treasuries.
The 10-year portion spread was set at 95 bps with a price of $1.25 billion, while its 30-year portion spread was set at 155 bps with a price of $2.25 billion, the report said.
According to data available on Argaam, Saudi Aramco announced, on May 27, plans to issue international bonds under its US-denominated Global Medium Term Note Programme.
The net proceeds from each bond issuance will be used by Saudi Aramco for general corporate purposes or any other purpose specified in the final terms for a series of bonds.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
40 minutes ago
- Arab News
Fraud control room: A key proactive prevention measure
In response to growing concerns over the scale and sophistication of financial fraud globally, the Council of Ministers has approved the creation of a dedicated operations room tasked exclusively with combating such crimes in Saudi Arabia. This move reflects increased awareness of the significant economic and social impacts of financial fraud and the urgent need for a specialized, well-equipped body to address complex misconduct. By establishing this operations room, lawmakers aim to strengthen institutional defenses, restore public trust, and ensure greater accountability across financial systems. According to Nasdaq Verafin's 2024 Global Financial Crime Report, illicit funds flowing through the global financial system were estimated at $3.1 trillion in 2023. Of this, money laundering played a major role in enabling various crimes, including $346.7 billion tied to human trafficking, $782.9 billion linked to drug trafficking, and $11.5 billion in terrorist financing. Fraud scams and bank fraud schemes also caused an estimated $485.6 billion in global losses in 2023. In the Arab world, a study by Naif Arab University for Security Sciences, in cooperation with Interpol, revealed that daily visits to fraudulent websites by individuals of Arab nationalities exceeded 137,000. The study also identified five major types of financial crimes prevalent in Arab countries: Investment fraud, business email compromise, romance fraud, sextortion, and phishing. It further outlined 24 criminal methods used by fraudsters to trap victims. Prominent tactics include impersonating bank employees to extract sensitive information, exploiting artificial intelligence in fraudulent ad campaigns, using trusted online platforms to post fake ads, and employing cryptocurrencies to conceal fund trails. Given these findings, the establishment of a dedicated financial fraud control room is crucial to proactively enhance coordination among authorities and strengthen efforts to combat financial crimes. This initiative will enable swift responses to fraud-related distress calls, improve recovery of stolen funds, enhance tracking of perpetrators, and ensure the enforcement of legal and regulatory penalties, especially in cross-border cases. The control room will also streamline information exchange between authorities, overcoming challenges such as slow processes and poor coordination. By fostering more efficient collaboration, it will allow officials to intervene early and prevent fraud from escalating. Additionally, the control room will introduce electronic reporting systems, making it easier for victims to report fraud quickly, thus increasing the chances of stopping scams and recovering stolen funds. This initiative underscores the critical need to raise public awareness about fraud prevention and strengthen regional and international cooperation against a crime that transcends borders. The establishment of this specialized unit also aligns with Vision 2030, which aims to bolster cybersecurity and protect the national economy, financial systems, and monetary institutions from fraud and cyber threats. While creating a dedicated financial fraud control room is essential, preventing fraud is a shared responsibility that extends beyond government entities to all individuals — citizens and residents alike. Raising public awareness and vigilance is crucial. People must be cautious of suspicious messages, unsolicited investment offers, and unlicensed entities posing as investment firms. Moreover, individuals should avoid sharing personal or banking information outside official channels and remain alert to calls from those claiming to represent financial institutions requesting confidential details. Legitimate bank representatives will never ask for sensitive information such as PINs or passwords. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
Arab News
41 minutes ago
- Arab News
Saudi Arabia highlights roles of data, AI in achieving UN goals
RIYADH: The Saudi Data and AI Authority has highlighted the Kingdom's efforts to use data and artificial intelligence in support of the UN's 2030 Sustainable Development Goals, the Saudi Press Agency reported on Saturday. The authority participated in the 22nd session of the UN High-Level Committee on South-South Cooperation, which was held May 27-30, with a presentation titled 'Leveraging Science, Technology, and Innovation.' The Saudi delegation was led by representatives of the Ministry of Economy and Planning and included members of the Ministry of Foreign Affairs, the Ministry of Communications and Information Technology, and the Saudi Fund for Development. The authority 'showcased its expertise in developing AI- and big data-based digital solutions that enhance decision-making and support international efforts to achieve comprehensive, sustainable development — especially in developing countries — through integrated, innovation-driven technological systems,' according to the SPA, which added that the authority's participation 'reflects Saudi Arabia's leading role in collaborating with international organizations and governments to exchange successful experiences in data and AI,' and 'aligns with the goals of Saudi Vision 2030 and strengthens the Kingdom's presence as in global forums as an active partner in shaping the future of AI.' Earlier this month, the authority was honored by Arab League Secretary-General Ahmed Aboul Gheit during the digital commerce exhibition Seamless Middle East in Dubai for its role in advancing Saudi Arabia's data and AI sector and accelerating digital transformation. The authority has expanded AI adoption across key sectors, 'improving government service efficiency and driving sustainable development through innovative initiatives,' the SPA stated. 'By advancing data and AI and building national capabilities, the authority has positioned Saudi Arabia among global AI leaders, supporting Vision 2030's digital economy and knowledge society goals.'
Arab News
an hour ago
- Arab News
Israel stands condemned, but why has it taken so long?
Since the EU's recent decision to initiate a review of Israel's compliance with its obligations under international law in the EU-Israel Association Agreement, and after the UK suspended trade talks with Israel and the leaders of Canada, France, and the UK issued a joint statement condemning the expansion of Israel's military operations in Gaza, hundreds of Palestinians have been killed in Gaza in Israeli military operations. In one incident, nine siblings of the same family were killed, and the war is still raging. So, forgive me if I find it difficult to get too excited about these latest diplomatic maneuvers to stop the senseless bloodshed, especially as this approach is still toothless, with no work on any time frame for introducing tangible measures. It is also the case that the argument 'better late than never' hardly holds water. Yes, if those baby-steps are the start of a concerted international effort to bring the war to an end, they will become immensely valuable, but there is much doubt about how effective they will be — and if they are not, what those countries intend to do. There is also the painful and lingering question: What has taken them so long? After all, every single day of delay in stopping the war has resulted in the deaths of many dozens of people, sometimes up to 100 a day, most of them noncombatants. In late May, nine of the 10 children of Dr. Alaa Al-Najjar and her husband Dr. Hamid were killed in an Israeli airstrike while she was on duty in the Nasser medical hospital. Only Hamid and one of their children survived, although both were badly injured. How could anyone remain indifferent in the face of such a tragedy, and one that could have been avoided, had the terms of the ceasefire agreed in January been adhered to? This is just one case of an entire family or a large part of them being wiped out in this war. If this heartbreaking tragedy does not move the world sufficiently to ensure that the Israeli government stops this war, what will? All the alarm bells regarding how Israel would conduct the war in Gaza were ringing from the first week of the conflict. Without taking anything away from the genuine anger at what Hamas inflicted on Oct. 7, the wish for revenge, and not only against those who carried out the attack, but against the entire population of Gaza, was instantly apparent. The unsubstantiated claim that every person in Gaza was complicit in the massacre should have been a warning sign. Moreover, between a government that failed to defend its people with horrendous consequences and would not admit to that failure, and senior Cabinet ministers who harbor messianic fantasies of expelling the Palestinians from Gaza, annexing the Strip and rebuilding settlements there, the likelihood of a proportionate response was always close to nil. Hence, it should not have taken the EU, UK, and Canada 19 long and blood-soaked months to figure this out. Every single day of delay has resulted in the deaths of dozens of people. Yossi Mekelberg Part of the explanation for the lack of will on the part of those who have suddenly found their voice in the past week or two and described what some Israeli ministers are suggesting will be the next stage in the war in Gaza as 'extremist,' 'dangerous' and 'monstrous' is that their working assumption has been that only Washington can make a difference, and that at best they could only play a supporting role. This has been more a case of relinquishing responsibility and avoiding friction, with Israel particularly, in the hope that either the US would use its influence to end the war, or the conflict would just run its course. This has proved to be misguided. In the immediate aftermath of Oct. 7, most of the world, and with good reason, showed its support for Israel's collective pain and trauma. However, at the same time it was irresponsible and shortsighted to give an extreme right-wing government led by a populist leader who happens also to be on trial for corruption, and whose sole interest is political survival at any cost, a blank check to respond to the massacre. For Europe, including the UK, what happens in the region is consequential and can have an immediate impact, whether it affects energy security, trade routes, radicalization within their own societies, or threatens a refugee crisis. Notwithstanding Europe's declared commitment to ensure human rights, Brussels also underestimates the enormous economic, diplomatic, and social power it has over Israel, not to harm its security, but to do the exact opposite: to save the country from itself when it is being governed by a reckless government. Moreover, at least some European powers should feel a moral and historical obligation for being the root cause of this conflict and for letting it fester for so long. It is nothing short of shocking that only in the past two weeks have there been some signs of concerted effort in Europe, out of despair at being unable to talk any sense into the Israeli government, or to stop the war and allow adequate humanitarian aid to enter the enclave. The EU's top diplomat Kaja Kallas explained the reason for its review of the association agreement that gives Israel many economic and scientific advantages as being the 'catastrophic' situation in Gaza, with Israel 'potentially' in breach of its commitments to human rights in the agreement. In the UK Parliament, David Lammy, the foreign secretary, said that the suspension of trade talks was a response to both the prevention of humanitarian aid reaching Gaza, and Israel's intention, as stated by Finance Minister Bezalel Smotrich, to 'cleanse' the enclave, with resident Palestinians 'being relocated to third countries.' And, out of character, Germany, which traditionally refrains from criticizing Israel, has felt that it can no longer stand on the sidelines, with its new Chancellor Friedrich Merz declaring that to cause such suffering to the civilian population 'can no longer be justified as a fight against Hamas terrorism.' Declarations and statements aside, reviewing agreements and suspending talks are not going to change Israel's course of action. At this juncture in the war, as it once more deploys massive forces on the border and inside Gaza, and with the government's ill intentions out in the open, Europe, the UK, and Canada will have to go beyond 'suspending' and 'reviewing.' If they do, it might also serve as a wake-up call for more Israelis to take to the streets and stop this murderous madness by its government.
