Saudi Arabia issues first triple-trance dollar bonds of 2020

Saudi Arabia issued its first three-tranche US dollar-denominated bonds for the year on Tuesday, Bloomberg reported, citing banking sources.

The first tranche includes a $1.25 billion seven-year bonds, offering 85 basis points over US Treasuries.

The second tranche includes $1 billion 12-year bonds with at a spread of 110 basis points, while the final tranche comprises $2.75 billion 35-year bonds with a 3.84% yield, the report said.

The Kingdom is seeking to issue about SAR 120 billion ($32 billion) of local currency and international debt over the course of the year, taking advantage of lower interest rates and easing geopolitical tension in the Middle East, Bloomberg reported.