Saudi Arabia this week raised an international loan of €3bn – its first foray in the Euro-denominated debt – to top up its 2019 fundraising. The issue, more than four times oversubscribed with orders in excess of €13.5bn, is made up of two tranches - €1bn 8-year bond priced at 80 basis points over mid-swaps and €2bn 20-year bond priced at 140 over mid-swaps.

The yield in Euro terms is lower than the rates Saudi Arabia had to pay on its dollar debt of similar...