DUBAI: Saudi Arabia plans to tap global debt markets on Monday with the sale of a triple-tranche bond with tenors of six, 10 and 30 years, IFR, a capital markets publication, reported. Initial guidance for the benchmark-sized six-year bond was around 115 basis points (bps) over US Treasuries (UST), 135 bps over UST for the 10-year, and 195 bps for the 30-year portion. Saudi Arabia, the world’s top oil exporter, last week approved an annual borrowing plan that estimates financing needs for 2024 at $23 billion to help plug a fiscal deficit and repay upcoming maturities. The kingdom, midway through an economic transformation plan known as Vision 2030 to diversify away from hydrocarbons, has budgeted for increased spending to drive domestic growth and support non-oil GDP.

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