Sino-Saudi contacts
In the same week tens of millions of Americans cast their votes for the next U.S. president, China's Ministry of Finance announced it will sell up to $2 billion of debt in Saudi Arabia, marking Beijing's first U.S. dollar sovereign debt issuance in three years. The debt was issued in two tranches, at $1.25 billion maturing in 2027 with a 4.284% coupon and $750 million maturing in 2029 with a 4.34% coupon. The issuance was almost 20 times oversubscribed. There was strong demand on the first day of trading, said Billy Kewley, an emerging market credit trader at StoneX.
Source: Nikkei Asia