HONG KONG — Donald Trump’s return to the White House is further encouraging China to build closer financial ties with the Middle East despite growing concerns about the Gulf region’s stability.
In the same week tens of millions of Americans cast their votes for the next U.S. president, China’s Ministry of Finance announced it will sell up to $2 billion of debt in Saudi Arabia, marking Beijing’s first U.S. dollar sovereign debt issuance in three years. The debt was issued in two tranches, at $1.25 billion maturing in 2027 with a 4.284% coupon and $750 million maturing in 2029 with a 4.34% coupon. The issuance was almost 20 times oversubscribed. There was strong demand on the first day of trading, said Billy Kewley, an emerging market credit trader at StoneX.
