Saudi Arabia Records Largest Budget Deficit Since 2020 Via The Cradle Saudi Arabia recorded its widest quarterly budget deficit in five years in the final three months of 2025, as lower crude oil prices weigh down the kingdom's finances, Bloomberg is reporting. Data released by the Saudi Ministry of Finance shows the government posted a deficit of 94.9 billion riyals ($25.3 billion) in the fourth ...
Saudi Arabia Records Largest Budget Deficit Since 2020 Via The Cradle Saudi Arabia recorded its widest quarterly budget deficit in five years in the final three months of 2025, as lower crude oil prices weigh down the kingdom's finances, Bloomberg is reporting. Data released by the Saudi Ministry of Finance shows the government posted a deficit of 94.9 billion riyals ($25.3 billion) in the fourth quarter, which brought the total shortfall for 2025 to nearly 276.6 billion riyals ( $73.73 billion ), more than double the previous year's 115.6 billion riyals ($30.82 billion) deficit in 2024. via Bookings Inst The full-year deficit amounted to roughly 5.5 percent of gross domestic product. Non-oil revenue reached about 122.6 billion riyals ($32.68 billion) in the fourth quarter of 2025, while oil revenue fell to around 154.2 billion riyals ($41.10 billion), down from 170.8 billion riyals ($45.53 billion) in the same period a year earlier, according to Finance Ministry data. Saudi Arabia has been running budget deficits since late 2022, with Bloomberg Economics noting that the kingdom would need oil prices to average about $97 per barrel in 2025 to balance its budget . That figure rises to roughly $114 per barrel when domestic spending by the sovereign wealth fund is included. Meanwhile, Brent crude, the global benchmark for oil prices, is currently trading at around $71. This gap has prompted heavier borrowing on international bond markets, as well as major delays and downscaling of the Kingdom's large-scale megaprojects tied to the Saudi Vision 2030 program, championed by Crown Prince Mohammed bin Salman (MbS). Bloomberg reported in late January that Saudi authorities had begun pressing some of the kingdom's wealthiest families to inject additional capital into domestic ventures, as Vision 2030 megaprojects face scaling back or suspension . In the same month, Reuters reported that the construction of the Mukaab , the towering cube-shaped centerpiece of Riyadh’s New Mura...
Hong Kong is seeking to attract more yuan borrowers and expand trading products in the Chinese currency, as officials capitalize on de‑dollarization trends and China’s push to build a global yuan. Financial Secretary Paul Chan said in his budget speech Wednesday that the city aims to draw high‑quality issuers to boost yuan bond sales and work with the industry to establish an offshore yield curve....
Hong Kong is seeking to attract more yuan borrowers and expand trading products in the Chinese currency, as officials capitalize on de‑dollarization trends and China’s push to build a global yuan. Financial Secretary Paul Chan said in his budget speech Wednesday that the city aims to draw high‑quality issuers to boost yuan bond sales and work with the industry to establish an offshore yield curve. Hong Kong will leverage its strengths and align with China’s five‑year plan to advance yuan internationalization , he added. The city also will promote more convenient foreign exchange quotations and transactions between the yuan and regional currencies to lower costs, Chan said, adding that its recent move to double banks’ borrowing supply under the Renminbi Business Facility should support wider corporate use. Global interest in the yuan has risen in recent years on cheaper funding costs, while Hong Kong has embraced opportunities in offshore yuan business as confidence in the dollar wanes. Since last year, measures to enhance its role as an offshore hub include doubling yuan supply under the liquidity facility and launching bond-repurchase access into mainland markets. Issuance of so-called dim sum bonds — offshore yuan debt sold in Hong Kong — soared to a record last year, driven by a borrowing spree from more foreign issuers , including sovereign names. The yuan’s three-month funding cost in the city remains near historic lows, as ample liquidity has pushed down yields on the People’s Bank of China’s short-term bills and China’s sovereign notes . Hong Kong also will broaden market access by expediting Chinese onshore government bond futures, as well as adding REITs to Hong Kong‑Mainland connect programs, and introducing a yuan trading counter under Southbound Stock Connect, Paul said.
Indian bankers that specialize in selling corporate debt securities are asking the financial regulator for permission to borrow funds against bonds, according to people familiar with the matter, as authorities themselves seek to deepen local capital markets. The intermediaries known as merchant bankers in India say the move would give them more financial flexibility to underwrite debt issuances, t...
Indian bankers that specialize in selling corporate debt securities are asking the financial regulator for permission to borrow funds against bonds, according to people familiar with the matter, as authorities themselves seek to deepen local capital markets. The intermediaries known as merchant bankers in India say the move would give them more financial flexibility to underwrite debt issuances, the people said, asking not to be named discussing private matters. Currently, the amount they can underwrite is limited by their net worth, and they are barred from tapping the bond market for this activity. In recent meetings with the Securities and Exchange Board of India , merchant bankers also sought approval to raise funds via banks, non-banking financiers and the capital markets, the people said. These changes would enable them to better manage bonds on their books if a debt sale fails to draw sufficient demand. It would also bring them on par with primary dealers in India’s sovereign bond market, who have greater flexibility to manage such risks, they said. The discussions underscore the challenges India faces in its push to deepen its 58-trillion-rupee ($638 billion) corporate bond market, which is crucial to support the country’s growing infrastructure financing needs. The market is plagued by low liquidity and elevated transaction costs, and most bond sales are dominated by highly-rated companies. Read More: India Proposes New Incentives to Boost Municipal Bond Market A spokesperson for SEBI didn’t respond to an email seeking comment. Brokers and merchant bankers have also asked the regulator for an anonymous trading platform for corporate bonds, which they say would help improve price discovery, the people said. They have urged SEBI to treat debt merchant bankers separately from their equity-focused counterparts when drawing up the regulatory framework, they said.
Reinsurance Group of America ( RGA ) priced a new debt offering of $400M 6.375% fixed-rate reset subordinated debentures due 2056. The 2056 debentures have a maturity date of September 15, 2056, an issue price of 100% and feature a fixed-rate coupon of 6.375%, payable semiannually in arrears. The company expects to use the net proceeds from the offering for general corporate purposes, which may in...
Reinsurance Group of America ( RGA ) priced a new debt offering of $400M 6.375% fixed-rate reset subordinated debentures due 2056. The 2056 debentures have a maturity date of September 15, 2056, an issue price of 100% and feature a fixed-rate coupon of 6.375%, payable semiannually in arrears. The company expects to use the net proceeds from the offering for general corporate purposes, which may include refinancing debt obligations. The offering closes around March 3, 2026. More on Reinsurance Group of America Reinsurance Group of America, Incorporated (RGA) Q4 2025 Earnings Call Transcript Reinsurance Group of America, Incorporated 2025 Q4 - Results - Earnings Call Presentation Reinsurance Group Of America: Lock In 2% 'Alpha' With The Baby Bonds RGA reiterates 8%-10% EPS growth target and signals exit from group health care business amid strong Q4 results Seeking Alpha’s Quant Rating on Reinsurance Group of America
GSK Plc agreed to buy 35Pharma Inc., a biotech with an early-stage high blood pressure drug, as the UK pharmaceutical company expands into cardiovascular medicine. GSK will buy the closely held Canadian firm for $950 million in cash, it said in a statement Wednesday. The deal marks a shift for GSK, which has a small pipeline of drugs for diseases affecting the heart and metabolic systems. New Chie...
GSK Plc agreed to buy 35Pharma Inc., a biotech with an early-stage high blood pressure drug, as the UK pharmaceutical company expands into cardiovascular medicine. GSK will buy the closely held Canadian firm for $950 million in cash, it said in a statement Wednesday. The deal marks a shift for GSK, which has a small pipeline of drugs for diseases affecting the heart and metabolic systems. New Chief Executive Officer Luke Miels is under pressure to increase GSK’s new medicines as he looks to offset the patent expiry of a blockbuster HIV drug.