Riyadh - Mubasher: Saudi Aramco considers entering the international bond market for the first time ever in order to finance the acquisition of Saudi Basic Industries Corporation (SABIC).

Bonds could provide an alternative to the awaited initial public offering (IPO), which could be delayed until Aramco acquires the petrochemical giant, as reported by Bloomberg.

Meanwhile, banks are discussing a financing deal of up to $70bn to back oil giant Saudi Aramco’s acquisition of a majority stake in SABIC.

JP Morgan and Morgan Stanley have been picked to advise on the deal, according to Reuters.