China to issue up to $2B in bonds in Saudi Arabia as business ties deepen
The two countries have been deepening economic and trade ties to help each other meet strategic initiatives such as China’s Belt and Road Initiative with Saudi Arabia’s Vision 2030 plan.
China will issue up to $2 billion in dollar-denominated bonds in Saudi Arabia next week, the Chinese Ministry of Finance disclosed Tuesday, amid deepening economic ties between the two countries.
It will be China’s first debt issuance in US dollars since Oct. 2021, according to Bloomberg.
“With the approval of the State Council, the Ministry of Finance will issue US dollar sovereign bonds of no more than $2 billion in Saudi Arabia in the week of November 11, 2024. The specific issuance arrangements will be announced separately before the release,” the Chinese Finance Ministry said in a statement.
Commenting on the plans, Lynn Song, Greater China chief economist at ING Bank N.V., told Bloomberg, “It is a largely symbolic move aimed at improving the cooperation between China and Saudi Arabia in the financial services industry.”
