Saudi Arabia Plans Syndicated Loan

Saudi Arabia plans to raise US$11 billion through a syndicated loan, in what would be the biggest financing deal in Europe, the Middle East and Africa this year, a Bloomberg report said. The loan seeks to finance the kingdom's ambitious investment plans, Bloomberg said.

"The kingdom’s Ministry of Finance has appointed Industrial & Commercial Bank of China Ltd as coordinator and bookrunner for the long-term senior, unsecured loan, according to people familiar with the matter," the report said. The 10-year debt is offering an interest rate of 100 basis points over the Secured Overnight Financing Rate — the usual reference rate when borrowing in dollars, the people said, asking not to be identified because the matter is private, Bloomberg said.