Saudi Arabia to Raise $11 Billion in Biggest EMEA Loan This Year
- The kingdom is pursuing an ambitious investment plan
- ICBC involvement shows rise of Chinese banks in Middle East
This article is for subscribers only.
Saudi Arabia plans to raise $11 billion from a syndicated loan — in what would be the biggest financing deal in Europe, the Middle East and Africa this year — as the kingdom seeks to finance its ambitious investment plans.
The kingdom’s Ministry of Finance has appointed Industrial & Commercial Bank of China Ltd. as coordinator and bookrunner for the long-term senior, unsecured loan, according to people familiar with the matter. The 10-year debt is offering an interest rate of 100 basis points over the Secured Overnight Financing Rate — the usual reference rate when borrowing in dollars, the people said, asking not to be identified because the matter is private.