Saudi Aramco increased its debut bond sale from $10bn to $12bn this week amid huge demand that saw total orders exceed $100bn. Demand for Aramco debt was always going to be strong given the firm’s status as the world’s largest oil producer and ongoing strategy to boost integration (MEES, 5 April). Perhaps the most notable element is that while the bond was initially priced in line with Saudi government debt, it eventually closed at a lower rate. This unusual development is...