Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has issued $6 billion international bonds under its global medium term note programme.

The company sold 30,000 bonds at a part value of $200,000, according to a bourse filing.

The debt offering saw strong demand from institutional investors, being more than six times oversubscribed.

It included $2 billion of notes due 2034 with a 5.25% coupon, $2 billion maturing in 2054 at 5.75%, and $2 billion in 2064 notes yielding 5.875%.

All three tranches were favourably priced, reflecting the oil giant's investment-grade credit profile.

The bonds were listed on the London Stock Exchange after being priced on 10 July.

Ziad T. Al Murshed, Executive Vice President of Finance and CFO of Aramco, said: “Our order book exceeded $33 billion at its peak, reflecting Aramco’s exceptional financial resilience and fortress balance sheet.”

“Achieving a negative issue premium across all tranches is a testament to our unique credit proposition. We have consistently demonstrated our financial discipline, while delivering on shareholder value and business growth, and we aim to maintain a strong investment-grade credit rating across business cycles,” Al Murshed added.

The offering started on 9 July 2024 and ended on 17 July.

It is worth noting that Aramco’s net profits declined by 14.44% annually to SAR 102.27 billion in the first quarter (Q1) of 2024 from SAR 119.54 billion.