LONDON — When executives from Saudi Aramco, the giant oil company in Saudi Arabia, pitched prospective investors on the company’s first international bond offering last week, they were shown the red carpet everywhere.
In central London, investors crowded into a room at the upscale Corinthia Hotel to hear details of the deal. In New York, Jamie Dimon, the chief executive of JPMorgan Chase, made a rare appearance to talk up the bond sale.
All signs are that investors are eager for any piece of Aramco they can get — despite concerns about how closely its fortunes are tied to its owner, the government of Saudi Arabia, and Crown Prince Mohammed bin Salman.
Prince Mohammed’s connection to the murder of a prominent journalist and dissident, Jamal Khashoggi, caused a storm among politicians and members of the media. Yet demand for Aramco bonds has topped billion, said a person briefed on the matter who declined to be identified because he was not authorized to speak publicly on the deal — far surpassing the company’s initial goal of selling about billion worth of debt. The company’s bankers are expected to set the price of its bonds on Tuesday.
The bond sale will help finance Aramco’s billion purchase of another Saudi state-controlled company, the petrochemical maker Saudi Basic Industries Corporation. The deal will end up raising cash for the country’s sovereign wealth fund, which owns a majority stake in Sabic, as the chemical company is known.
Since at least 2016, Prince Mohammed, the kingdom’s de facto ruler, has had big plans for Aramco, the oil-rich country’s economic jewel. He wants huge sums to invest in Western technology companies like Uber, part of his effort to wean the Saudi economy off its dependence on oil.
Yet Saudi Arabia’s oil wealth is the only realistic source for financing this transition.
When his initial plan to take Aramco public ran into difficulties last year, Prince Mohammed turned to the Sabic deal as an alternative way to raise money. But Aramco officials have indicated the public offering was only postponed, not canceled, and could still take place.
If so, the recent meetings with investors may prove a kind of dress rehearsal. An intense, yearslong preparation for the I.P.O. helped make the bond sale possible. At one point, around 60 bankers and other professionals occupied a floor at Aramco’s headquarters in Dhahran, preparing the oil giant’s raw numbers for reports that could be shown to potential investors and poring over still unresolved issues including where to list the company, according to an adviser who worked on the deal.
The bond sale is being closely watched not least because of the cloud that has lingered over Saudi Arabia since the murder of Mr. Khashoggi in the Saudi Consulate in Istanbul last year. Intelligence agencies in the United States and other Western countries have concluded that the crown prince ordered the killing.
But that controversy has not scared off major banks like JPMorgan Chase and Morgan Stanley, which are leading the offering, and other banks in supporting roles. JPMorgan and Morgan Stanley declined to comment.
“To the extent that Mohammed bin Salman has become persona non grata in the West doesn’t make Saudi Arabia persona non grata,” said Chas W. Freeman Jr., a former United States ambassador to Riyadh.
In early April, Aramco released a prospectus showing it was the world’s most profitable company in 2018, with 1 billion in net income and very little debt. Analysts at Moody’s Investors Service gave the company a strong credit rating of A1, the same as the Saudi government. Had Aramco been an independent company, it would have earned a higher rating, Moody’s said.
That has made the bond offering a hot ticket for investors.
“The more someone doesn’t need money, the more we want to give it to them,” Reza Karim, an assistant fund manager for emerging market debt at Jupiter Asset Management, said in an interview.
Some analysts said that Aramco’s history — it was founded by Standard Oil of California — and reputation as a Western-style business in the staunchly conservative kingdom made it attractive to international investors.
Its enclaves in the eastern part of the country — where American geologists first discovered oil in the 1930s — resemble American suburbs, with baseball diamonds, movie theaters and themed restaurants. In these walled-off areas, women go without head coverings and hold serious jobs in areas like computer science and geology at the company.
“A lot of people and a lot of institutions have a very favorable view of the Aramco leadership,” Helima Croft, an analyst at RBC Capital Markets, said. “They look on it as a center of enlightenment and progress in Saudi Arabia.”
Yet there is a worry — both inside and outside the company — that the Sabic transaction, and an eventual I.P.O., could foreshadow further interference by the crown prince and his associates. For much of the company’s history, the royal family had largely left Aramco’s operations to a succession of professional managers. But the danger of royal intervention has risen, analysts say, because the crown prince and his father, King Salman, are no longer ruling the country by consensus as their predecessors did.
Though the royals have traditionally been wary of wrecking Saudi Arabia’s profit machine, the current Saudi leaders seem willing to tinker with Aramco, according to Jim Krane, a Persian Gulf expert at Rice University’s Baker Institute for Public Policy.
“I see this as a process of realigning Aramco and the kingdom to cope with an uncertain future for oil, rather than a political raid on the kingdom’s cash cow,” he said.B:
跑狗玄机单双各二尾【伴】【随】【着】【沉】【闷】【的】【爆】【炸】【声】，【在】【这】【个】【世】【界】【上】【受】【到】【无】【数】【百】【姓】【崇】【拜】【的】【超】【级】【英】【雄】【偶】【像】【透】【明】【人】，【彻】【底】【的】【化】【为】【了】【无】【数】【血】【浆】【和】【碎】【片】。 【谁】【也】【没】【想】【到】【刀】【枪】【不】【入】，【号】【称】【永】【远】【不】【死】【的】【透】【明】【人】，【会】【死】【在】【这】【个】【偏】【僻】【阴】【暗】【的】【地】【下】【室】【内】，【沃】【特】【集】【团】【的】【副】【总】【裁】【玛】【德】【琳】【也】【是】【如】【此】。 【玛】【德】【琳】【是】【个】【风】【韵】【犹】【存】【的】【女】【人】，【也】【是】【一】【位】【权】【势】【通】【天】【的】【能】【人】。 【在】【透】【明】【人】【失】
【余】【宇】【的】【意】【思】【就】【是】【将】【整】【个】【力】【量】【集】【中】【起】【来】，【对】【付】【幽】【帝】【和】【鬼】【界】【的】【人】。【至】【于】【星】【盟】，【禁】【地】【还】【有】【其】【他】【人】，【包】【括】【仙】【界】，【暂】【时】【先】【不】【管】。 【大】【家】【静】【静】【的】【听】【着】。 【他】【继】【续】【说】【道】“【我】【们】【现】【在】，【位】【于】【上】【古】【道】【场】【的】【巨】【城】，【不】【过】【二】【十】【个】【的】【样】【子】，【我】【们】【的】【人】【手】，【也】【多】【数】【在】【巨】【城】【内】。【他】【们】【第】【一】【拨】【的】【攻】【击】，【可】【能】【不】【是】【针】【对】【巨】【城】，【但】【不】【用】【理】【会】。 【我】【们】【的】【办】
【经】【过】【两】【个】【月】【的】【修】【炼】，【陆】【蛮】【的】【身】【上】，【原】【本】【宛】【如】【虬】【龙】【般】【高】【高】【隆】【起】【的】【肌】【肉】，【反】【而】【变】【得】【瘦】【削】【了】【许】【多】。 【然】【而】，【尽】【管】【陆】【蛮】【的】【身】【材】，【如】【今】【显】【得】【有】【些】【瘦】【弱】，【但】【是】【以】【萧】【乾】【的】【眼】【力】，【他】【却】【能】【够】【感】【受】【到】，【那】【古】【铜】【色】【的】【皮】【肤】【之】【下】，【比】【起】【之】【前】【蕴】【含】【了】【究】【竟】【何】【等】【恐】【怖】【的】【力】【量】。 “【周】【青】【是】【从】【那】【里】【认】【识】【的】【这】【个】【怪】【物】，【他】【的】【身】【体】【也】【太】【强】【悍】【了】【吧】！”【萧】【乾】
【从】【俘】【虏】【口】【中】【得】【知】，【驻】【扎】【在】【磐】【龙】【星】【上】【的】【亚】【罗】【星】【人】【有】【上】【万】【名】，【但】【只】【有】【三】【名】【是】【行】【星】【级】【战】【士】，【也】【是】【三】【大】【队】【长】，【其】【中】【一】【个】【在】【太】【阳】【系】【已】【经】【被】【雷】【大】【锤】【干】【掉】【了】 【虽】【说】【对】【方】【目】【前】【只】【有】【两】【名】【行】【星】【级】【战】【士】，【但】【为】【了】【安】【全】【起】【见】，【雷】【大】【锤】【决】【定】【让】【他】【的】【三】【个】【伙】【伴】【为】【一】【队】，【去】【人】【比】【较】【少】【的】【研】【究】**，【而】【自】【己】【则】【带】【着】【其】【他】【人】，【去】【人】【多】【的】【开】【采】**。 【确】【认】跑狗玄机单双各二尾【内】【容】【如】【题】，【以】【许】【嘉】【眉】【为】【主】【角】【的】《【神】【游】【青】【冥】》【到】【此】【为】【止】。【姑】【且】【当】【这】【是】【上】【部】，【下】【部】【大】【概】【率】【不】【写】，【请】【勿】【报】【以】【太】【大】【的】【期】【待】。 【追】【更】【的】【读】【者】【都】【知】【道】，【作】【者】【这】【两】【三】【个】【月】【的】【更】【新】【非】【常】【恶】【劣】。【生】【活】【上】【的】、【工】【作】【上】【的】【事】【情】【太】【多】，【不】【细】【说】。 【在】【此】【向】【所】【有】【读】【者】【道】【歉】：【对】【不】【起】。【想】【骂】【我】【就】【骂】【我】【吧】，【我】【接】【受】，【我】【认】【错】，【下】【本】【小】【说】【改】【过】。 【感】【谢】
【二】【人】【走】【走】【停】【停】，【将】【整】【个】【院】【子】【逛】【下】【来】，【竟】【然】【用】【了】【一】【个】【时】【辰】。【云】【乔】【今】【日】【显】【然】【有】【些】【兴】【奋】，【她】【叽】【叽】【喳】【喳】【地】【说】【个】【不】【停】…… “【这】【排】【房】【间】【应】【该】【做】【为】【寝】【室】！” “【这】【里】【还】【要】【再】【阔】【一】【块】【草】【坪】！” “【对】【了】，【这】【里】【最】【好】【再】【栽】【几】【颗】【合】【欢】【树】，【夏】【日】【微】【风】【拂】【起】，【那】【一】【团】【团】【粉】【红】【的】【绒】【花】，【就】【如】【同】【绿】【浪】【上】【浮】【动】【的】【粉】【红】【色】【祥】【云】！【我】【记】【得】【我】【小】【的】【时】【候】…
“【你】【的】【血】【脉】【是】【什】【么】？”【龙】【浩】【天】【接】【着】【问】【昧】【灵】 【在】【昧】【灵】【的】【身】【上】【龙】【浩】【天】【感】【觉】【到】【一】【种】【很】【熟】【悉】【的】【感】【觉】，【不】【过】【在】【什】【么】【时】【候】【见】【过】【就】【不】【知】【道】【了】。 【在】【那】【个】【世】【界】【里】【呆】【了】【三】【年】，【他】【已】【经】【把】【一】【些】【不】【重】【要】【的】【事】【给】【忘】【却】【了】。 “【火】【属】【性】【血】【脉】：【朱】【雀】【圣】【血】。”【昧】【灵】【看】【着】【龙】【浩】【天】【说】【到】 “【朱】【雀】【血】【脉】？【你】【们】【朱】【雀】【一】【族】【的】【朱】【雀】【源】【血】【好】【像】【快】【枯】【竭】【了】【吧】！”
【厉】【战】【低】【头】【看】【了】【她】【一】【眼】，【光】【着】【脚】，【也】【不】【穿】【鞋】。【他】【眉】【头】【皱】【了】【一】【下】，【将】【她】【抱】【起】，【放】【在】【床】【上】，“【以】【后】【每】【天】【都】【要】【和】【我】【视】【频】，【知】【道】【吗】？【不】【然】【我】【就】【会】【死】【在】【那】【里】，【回】【不】【来】【了】。” 【余】【晚】【晚】【闷】【笑】，“【我】【知】【道】【了】。” 【厉】【战】【低】【头】【轻】【轻】【吻】【了】【她】【一】【下】，“【那】【我】【走】【了】。” “【我】【送】【你】【啊】。” “【别】，【看】【到】【你】【又】【舍】【不】【得】【走】【了】。【我】【走】【了】。” “