The Saudi ministry of finance is offering five-and-a-half-year notes at around 315 basis points (bps) over US treasuries, ten-and-a-half-year bonds at around 325 bps over, and 40-year notes at around 5.15 percent, according to Reuters.

Fund managers cited by the London-based news agency said they expect a multi-billion dollar transaction.

The debt sale, which will be concluded on Wednesday, involves Citi, Goldman Sachs, HSBC, Bank of China, Mizuho, MUFG, SMBC and Samba Capital.

Last week, neighbouring Qatar and the emirate of Abu Dhabi successfully sold a combined $17 billion of bonds.



Read also: Saudi orders restrictions on basic foodstuffs sold at supermarket, sparking fears of food shortages



Hit by coronavirus lockdowns and low prices for oil and gas, Gulf sovereign wealth funds are bringing billions of dollars back home to combat slowing economic growth.

According to the Institute of International Finance, Gulf funds could lose more than $300 billion this year.





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