Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has started issuing USD-denominated international bonds at a minimum subscription of $200,000.

The bonds are issued under the company’s Global Medium Term Note Programme, according to a bourse filing.

The offering started on 9 July 2024 for institutional investors and will end on 17 July.

The issuance is managed by Citi, Goldman Sachs International, HSBC, J.P. Morgan, Morgan Stanley, and SNB Capital as active joint bookrunners.

Meanwhile, Abu Dhabi Commercial Bank (ADCB), anb capital, Bank of China, BofA Securities, BSF Capital, Emirates NBD Capital Limited, First Abu Dhabi Bank (FAB), GIB Capital, Mizuho, MUFG, NATIXIS, Riyad Capital, SMBC Nikko, and Standard Chartered Bank act as passive joint bookrunners.

The return, maturity, and the end date of the bonds are set to be determined based on market conditions

It is worth noting that Aramco’s net profits fell by 14.44% to SAR 102.27 billion in the first quarter (Q1) of 2024 from SAR 119.54 billion in the corresponding period a year earlier.