Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Saudi Arabia’s 2060 Eurobond Rises as U.S. Sanctions Evaporate


Sat 27 Feb 2021 | 07:08 AM
Taarek Refaat

Saudi Arabia’s 2060 Eurobond rose on Friday after U.S. sanctions against the kingdom over the killing of journalist Jamal Khashoggi evaporate.

The 2060 bonds went up more than 1 cent, while the 2025 and 2030 were both down 0.5 cent after the U.S. administration announced sanctions and visa bans targeting Saudi citizens, avoiding royal family members.

"The U.S. report would have a limited impact on foreign investment in Saudi Arabia," said Daniel Kern, chief investment officer for TFC Financial Management.

“It seems that the Biden wanted to take an action but, doesn't want to cut ties with Saudi Arabia,” he added.

U.S. finance company MSCI that Saudi Arabia Exchange-traded fund (ETF) dropped on Friday to end down 1.9% at $32.14, yet, not far from the 19-month high earlier in the week.

American finance company MSCI whose ETF fell on Friday to end 1.9% lower at $ 32.14, however, not far from a 19-month high earlier in the week.