Aramco, the Saudi state-backed oil producer, has attracted some $85 billion in orders for its bond sale as of early Tuesday, the Financial Times reported. Early interest had tagged the offering at three times over the $10 billion in its initial proposal, but demand has even surpassed lofty expectations. By Tuesday morning, the order book had risen to a potential record for an emerging-market bond sale, surpassing the $67 billion that Saudi Arabia itself attracted during its 2016 bond market debut. The Aramco deal is also approaching some of the biggest seen even in developed market debt deals, including the $100 billion in orders that Verizon VZ, -0.93% attracted for a $49 billion bond offering six years ago.
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