Marina Schwarz

Aramco Plans First-Ever Bond Issue

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It seems unlikely that they would allow a reliable assessment of their reserves...

Expect the IPO to be delayed again. Also this is very bad timing, by 2021 EVs should have around 20% market share in China, at least.



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If MbS wants to raise a bunch of extra cash through Aramco, bonds really do make sense. I wouldn't hesitate to buy bonds tied to Aramco, even as I'd only short the stock. Assuming the bonds are tied to the US dollar and not the SAR.

Historically Aramco has operated on a cash basis. The fact they need a credit line for operating tells you something. Yes, buying SABIC takes real money, but as the Kingdom already owns SABIC, this is just pumping up themselves.


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