Saudi Arabia’s first international debt sale has generated so much interest from Asian investors that the kingdom is weighing a full pipeline of bonds to follow a $15bn initial auction as early as October, according to bankers briefed on the sale.
The clamour for Saudi sovereign debt, which could be the largest emerging market issuance in history, comes as record-low interest rates in mature economies has prompted investors to pour money into developing markets at a record pace, overlooking the risks in some of the world’s least stable economies.
“We are seeing massive, massive demand,” said one banker of the Saudi debt. “Asian banks are throwing around billion-dollar numbers.”
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