DUBAI: Saudi Arabia has hired Goldman Sachs and Societe Generale to help arrange meetings with fixed income investors in the coming days, sources familiar with the matter said, potentially paving the way for the kingdom to launch its first bonds in euros. Riyadh began issuing international bonds in 2016 after lower oil prices hit its finances. Since then, it has become one of the biggest international debt issuers, having sold nearly $60 billion (Dh220.3 billion) in US dollar-denominated bonds, report agencies.
Finance Minister Mohammad Al Jadaan said in April the kingdom was considering issuing its first euro-denominated bonds this year, as it looks to diversify its funding base.The head of the Saudi Debt Management Office (DMO), part of the Ministry of Finance, reiterated in an interview with Reuters last month that the country was looking at potentially issuing debt in euros as part of its “medium term debt strategy.” The DMO, Goldman Sachs and Societe Generale did not immediately respond to comment requests on the planned investor meetings.
It is not clear whether the meetings will lead to an actual euro-denominated bond issue, but one of the sources familiar with the matter said that was the likely outcome.