Saudi Arabia plans dollar bond

Saudi Arabia has invited banks to participate in a possible dollar bond that might be floated later this year, Reuters has reported.

The kingdom signed a $10bn five-year bank loan earlier in May.

JP Morgan, HSBC and Bank of Tokyo-Mitsubishi coordinated the loan. It has a margin of 120 basis points.

Saudi Arabia is rated A1 by Moody’s, A- by Standard & Poor’s and AA- by Fitch.