Saudi Arabia’s Ministry of Finance (MoF) announced that the kingdom’s bond sale to raise $7 billion has been heavily oversubscribed with total orders amounting to more than SAR200 billion (USD54 billion). The Kingdom has raised $7 billion in bond sale to boost finances. The bond comprises three tranches. The first is $2.5 billion for 5-year notes which will mature in 2025. The second is $1.5 billion for 10-year notes to mature in 2030 and the third is $3 billion for 40-year notes to mature in 2060. The kingdom has set an initial reference price at around 315 bases points above US Treasury 5.5-year securities and around 325 bases points for 10.5-year securities and 5.15 percent for the 40-year securities. The Kingdom has issued foreign debt to strengthen its finances on the back of the Cover-19 pandemic. In January, Finance Minister Mohammed Al Jadaan told the media that Saudi might raise an additional $4 billion in foreign bonds in 2020.