Saudi Arabia issued $12 billion of bonds for its state-run oil company Aramco. The demand for Saudi Aramco’s debut offering was so robust it allowed the company to borrow at a lower yield than its sovereign parent. The high demand to buy Aramco’s debt has also helped to lower the borrowing costs for Riyadh. The bond sale was managed by JPMorgan, Morgan Stanley, Citigroup Inc., Goldman Sachs Group Inc., HSBC Holdings Plc, and NCB Capital Co.