investors flock to world’s most profitable firm

It is a “high quality and low-risk offering” which offers market participants a chance to take a serious look at a country which has historically been underweight on investment portfolios, Kronfol said.

Before opening the books on Monday, Aramco’s debut international bond sale had already attracted over $30 billion in demand, Saudi Energy Minister Khalid al-Falih said Monday, while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh.

Market participants were thought to be so keen to buy the bonds, they were willing to risk ending up getting a lower return than on Saudi sovereign debt, Reuters reported, citing people familiar with the matter.

Aramco is marketing the new bonds at a price in line with Saudi government bonds.

Earlier this month, Aramco received an “A+” rating from Fitch and an “A1″ rating from Moody’s in its first ever credit ratings, following 2018 earnings that dwarfed those of international oil majors.

Saudi Arabia has already seen formidable success in its recent tapping of the bond market: It issued $7.5 billion in sovereign bonds in January which drew an impressive $27 billion in orders.

Saudi Arabia has “A1” and “A+” ratings from agencies Moody’s and Fitch, respectively, a sign of reliability and low risk for investors.