China to Issue Bonds in Saudi Arabia

Forex - China has authorized investment banks to work on the issuance of three and five-year bonds denominated in US dollars in Saudi Arabia. The issuance will consist of senior, unsecured fixed-rate bonds, subject to market conditions. The Ministry of Finance of China announced on Tuesday that, following the State Council's approval, it will issue up to $2 billion in US dollar-denominated government bonds in Riyadh, the capital of Saudi Arabia, during the week beginning November 11. Fitch Ratings has assigned a credit rating of A+ to the bonds that China plans to issue in US dollars.