Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.
The landmark five-year loan, a sign of Riyadh’s newfound dependence on foreign capital, opens the way for the country to launch its first international bond issue. It comes as the low price of crude encourages other Gulf governments, such as Abu Dhabi, Qatar and Oman, to tap bond markets.
The oil-rich kingdom, which last weekend blocked a deal among oil producers to freeze output and bolster prices, has burnt through around $120bn in reserves since late 2014. Its fiscal deficit is set to widen to 19 per cent of gross domestic product this year.
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