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English news

28-Sep-2016

Saudi Arabia megabond said at risk of delay by 9/11 legislation

Saudi Arabia’s first international bond may be delayed by a U.S. vote on legislation that would allow the families of 9/11 victims to sue the Arab country, people with knowledge of the matter said. A Senate vote to override President Barack Obama’s veto of the legislation on Wednesday could cause some investors to balk at the issue, two of the people said, asking not to be identified, as the matter is private. The country is planning to sell at least USD10bn of bonds next month, four people said. Banks managing the sale will watch any market reaction before making a decision, and no contingency plans are in place in case of an override vote, another person said. Saudi Arabian officials have not made a decision yet on the timing of the bond and the amount they plan to raise, Minister of Finance, Ibrahim al Alassaf, said in a statement to Bloomberg. (Bloomberg)

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