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Aramco's new bonds inch up in early trade - sources

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By Reuters
Aramco's new bonds inch up in early trade - sources
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo   -   Copyright  Hamad I Mohammed(Reuters)

DUBAI (Reuters) – Saudi Aramco’s newly issued dollar-denominated bonds inched up on Wednesday, with longer-dated paper outperforming, sources familiar with the matter said.

The company on Tuesday issued $12 billion worth of paper, disappointing much of the over $100 billion (£76.6 billion) in demand.

Of the five tranches, the $3 billion 30-year bonds were the best performers, up by slightly over 1 cent, the sources said, while shorter-dated paper made more modest gains.

The sources said there would be a clearer picture of the bonds’ performance once markets in London and New York open later on Wednesday.

(Reporting by Davide Barbuscia; Editing by Kirsten Donovan)