Saudi Arabia in huge new bond sale to finance deficit

RIYADH: Saudi Arabia on Thursday announced it had undertaken another multi-billion dollar bond sale to finance a persistent budget deficit left by low oil prices.

The world's top crude oil exporter raised $12.5 billion (10.6 billion euros) in its third international bond issue, the finance ministry said.

The kingdom has already undertaken three "sukuk" Islamic bond issues this year -- including one international sale -- totalling around $15 billion.

Last year it raised $17.5 billion in its first global bond issue -- the largest ever by a single country. Previously it had sold domestic bonds.

The latest issue was heavily oversubscribed with orders worth $40 billion, according to the finance ministry.