WSJ: Saudi Arabia launches $17.5B bond sale

|By:, SA News Editor

Saudi Arabia (NYSEARCA:KSA) has launched a sale of $17.5B of debt, WSJ reports, in a bid to support a major effort to keep its economy afloat as oil income dwindles.

The sale, in what would be the largest emerging market bond issue, is the latest example of a Persian Gulf state turning to international markets to offset declining oil revenues; other Gulf oil exporters such as Qatar, Bahrain, Oman and Abu Dhabi earlier this year raised  a combined $20B through international bond issues.

The fresh funds will help Saudi Arabia narrow its budget deficit, which stood at a record $98B last year.