Saudi Arabia issued the largest emerging market bond sale ever, after selling $17.5 billion of governmental debt.
The sale marks Saudi Arabia's first international governmental bond offer., which has attracted investor orders totaling over four-times the initial sale amount.
The sale is part of an initiative by the world's top oil exporter to diversify the nation's economic dependency in an era of low crude oil prices.
The huge demand is partly due to low global interest rates and a lack of high-yielding assets around the world.
The bond was also priced more cheaply for Saudi Arabia than many investors had expected.
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