Dubai: Orders for Saudi Aramco’s debut international bonds topped $85 billion, sources familiar with the matter said, a record breaking vote of market confidence for the oil giant.

Aramco was expected to raise around $10 billion from the deal, which will be priced later in the day and is seen as a gauge of potential investor interest in the Saudi company’s eventual initial public offering.

Before the six-part bond deal was marketed on Monday, Saudi energy minister Khalid al-Falih said initial indications of interest for the paper were over $30 billion.

Demand for the paper was the largest for emerging markets bonds since an order book value of more than $52 billion for Qatar’s $12 billion bonds last year.

Aramco’s bonds have attracted demand from a wide range of investors, as state-owned Aramco’s vast profits would put its debt rating — if unconstrained by its sovereign links — in the same league as independent oil majors such as Exxon Mobil and Shell.

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