The yield on Aramco’s $3bn of bonds due in 2029 has dropped to 2.09 per cent from 3.04 per cent at the start of the year
The bond has been rated Baa3 by Moody’s and BBB by Fitch
The 50-year tranche is the longest term for a bond issued by a GCC sovereign issuer
The perpetual bond is callable after six years and pays a coupon of 6.125 per cent
The fall in oil prices has put a strain on the finances of Middle Eastern energy-producing countries
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