Saudi Aramco started the sale of its debut dollar bonds, as the world’s most profitable company taps the market ahead of a planned $69-billion acquisition.The oil giant is offering sixtranche debt, according to a person familiar with the matter, who asked not to be identified. Initial Price Thoughts: Demand for the most highly anticipated sale of the year already totalled $30 billion, Aramco chairman and Saudi Energy Minister Khalid Al-Falih said on Monday.
The oil giant and bankers spent the last week drumming up support for its offering at presentations in cities ranging from New York and Chicago to Singapore and Tokyo. Aramco may raise about $10 billion from the sale, the kingdom’s energy minister said in January, as Saudi Arabia combines the oil producer with chemical maker Saudi Basic Industries. The state-owned company was the world’s most profitable in 2018 with income of $111.1 billion — more than Apple, Google’s parent and Exxon Mobil combined.