Saudi Arabia has raised a triple-tranche $12.5bn international bond to bolster its finances in the wake of sustained weak oil prices. Orders were $40bn.

This bumper dollar-denominated bond brings the Saudi total to $39bn in 12 months: Saudi raised $17.5bn in the Mideast’s largest ever bond last October, followed by a $9bn debut international Sukuk in April, again the largest ever (MEES, 21 April).

The issue, which the finance ministry expects to finalize on 4 October, consisted of...