DUBAI: The slump in Aramco bonds since its unprecedented debt sale this month makes one thing clear: you can’t take the Saudi out of Saudi Aramco.
Demand was so great, with bids topping US$100bil, that the energy giant managed to raise US$12bil at lower yields than the kingdom itself, which is uncommon in corporate bond markets. Investors are now paying the price for that discrepancy: all five maturities have fallen since trading started last week, in some cases by more than 2 US cents on the US dollar.
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