Saudi Aramco increased the amount it will raise in its first international bond sale to $12bn after drawing a record-breaking $100bn in orders, a clear sign that financial markets are willing to draw a line under last year’s killing of journalist Jamal Khashoggi.
The $100bn in orders far exceeds previous highs for emerging market borrowers, outstripping even the $67bn of demand Saudi Arabia itself saw in its 2016 government bond market debut.
The Saudi state-backed oil producer’s order book is also now approaching some of the biggest seen in developed-market debt deals; US pharmacy group CVS Health drew $120bn for a bond sale backing its acquisition of Aetna last year.