Advanced Theory & Practice of Bonds

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A consortium of investors in Saudi Aramco’s oil pipelines are said to be lining up a jumbo dollar bond issuance as soon as this week, as per people familiar with the matter. The consortium, led by EIG Global Energy Partners is looking to raise at least $4.5bn, three people said to Bloomberg. Proceeds from the issuance are expected to be used to refinance a ~$10.5bn loan taken to fund the pipeline investment. The consortium, which includes China’s Silk Road Fund and Abu Dhabi sovereign wealth fund Mubadala, paid $12.4bn for a 49% stake in the Aramco subsidiary that has leasing rights over the pipelines, in a deal completed in June this year. Citi and JPMorgan Chase are said to be among the lead managers for the proposed dollar bond issuance.

Aramco’s 2.694% 2031s traded ~0.35 points higher at 100.32 yielding 2.66% currently.

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