Saudi state oil giant Aramco plans a record-breaking Q2 bond as it prepares for a $70bn takeover of petchems-focused state rival Sabic.

State oil giant Saudi Aramco is limbering up to raise a jumbo bond that could dwarf this week’s $7.5bn sovereign Saudi Arabia issuance (see box).

Energy Minister Khalid al-Falih said on 9 January that the bond, to be issued in Q2, is slated to help cover the cost of the $70bn acquisition of state petchems giant Sabic, although the exact size of the...