Saudi Aramco to Issue US dollar-Denominated Bonds

FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
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Saudi Aramco to Issue US dollar-Denominated Bonds

FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

Saudi Aramco has said it intends to issue US dollar-denominated international bonds under its Global Medium Term Note Program.

Aramco hired banks to sell bonds maturing in 10, 30 and 40 years, it said in a statement on Tadawul.

It said that its US dollar-denominated bonds are direct, general, unconditional, and unsecured obligations of the company.

The issuance is managed by Citi, Goldman Sachs International, and HSBC. JP Morgan, Morgan Stanley, and SNB Capital are also participating as active joint bookrunners.

Additional joint bookrunners include Abu Dhabi Commercial Bank, anb capital, and Bank of China, alongside BofA Securities, BSF Capital, and Emirates NBD Capital Limited.

It also includes First Abu Dhabi Bank, GIB Capital, and Mizuho, along with MUFG, Natixis, Riyad Capital, SMBC Nikko, and Standard Chartered Bank.

Aramco, which last tapped global debt markets in 2021 when it raised $6 billion from three-tranche sukuk, flagged in February it was likely to issue bonds this year.

Gulf companies and governments have raised funds in debt markets this year to take advantage of favorable market conditions, with Saudi Arabia issuing $12 billion of dollar-denominated bonds in January.



Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.