it's true business the world's largest oil conglomerate saudi aramco has raised twelve billion dollars with its first international bond issue high demand is seen as a good sign for a planned initial public offering but the company has delayed several times now it is currently planned for next year according to crown prince mohammed bin salomon who oversees business at saudi aramco he and his country have come under fire following the murder of saudi journalist jamal khashoggi in october but investors appear to be looking past that and a focusing on profits again. let's bring in comrade who is in our correspondent in frankfurt who's following this story very closely conradt first of all just clarify for me if investors are suddenly turning a blind eye or have suddenly forgotten all about this murder case of a saudi journalist. ben i think it's fair to say and safe to say that investors are moving on you know last year when this murder happened a lot of business leaders were very eager to criticize the saudi government for example by not joining this conference call davos in the desert

we are getting new details about saudi aramco's bond sale.year are going to be offering 75 basis points above. i don't even understand that. david: three year, 95 above. alix: they were supposed to be lower, right? david: we know they are off and running now. before this happened it was oversubscribed. people wanted to buy $30 billion, and they only had $10 billion or so to offer. it is expected they would have a yield lower than the sovereign itself. alix: if i am reading this correctly, it appears that is not the case. we will definitely keep monitoring these headlines as they cross. nonetheless, this is a huge amount of money. also an interesting way to see how digesters -- how investors digest the situation. david: what it also might say about initial stock offering. alix: and ipo? 100%. coming up, boeing loses another bowl from -- another bull from buy to neutral. this is bloomberg. ♪ david: time now to take a look at three companies worth watching this morning. i'm looking at general electric, down in the premarket after a -- after onen

more on aramco's bond sales a little later on.e have the extensive interview with saudi arabia's energy minister. ramy: looking forward to that. next, the hunt for yield. pgi ceo david hunt will tell us the trends that are shaping the asset management industry in asia. this is bloomberg. ♪ ramy: welcome back. haidi: i'm haidi stroud-watts in sydney. you are watching daybreak australia. the recent u.s. economic reports have the next. the message is we should expect growth this year. 2016 ase profits in earnings season gets underway. let's talk about it with david hunt, the president of one of the world's largest asset managers overseeing $1 trillion. he joins us exclusively. good to hear you have had a good trip. i' wonderingm with respect to the kind of conundrum going on at the moment, every getting too complacent, expecting the goldilocks scenario will continue? david: good morning to you. thank you for having me. the economy is in a very interesting place. it has become quite fashionable to say that actually we have synchronize

moody's says aramco generated $110 billion last year. legal firm hired by swedbank has accused the prosecutor of ignoring the norms of swedish law as allegations of money laundering grow. sweden's oldest bank fired its chief executive. swedbank is being investigated by supervisory authorities in sweden and estonia and the u.s.. that is your bloomberg business flash. matt: thanks very much. step in opening chinese markets to foreign investors? the chinese yuan denominated onshore bonds will be included in the global index from today. the move is expected to bring billions of dollars into the country's bond market, the world's third-largest. we spoke to some of the region's most influential investors. >> our impression of policy bank bonds into the bloomberg barclays index will be a game changer around the world. areica, europe, asia, they talking about capturing this opportunity. >> it would add liquidity and opportunity. >> if you look at passive and 300ve combined, up to billion u.s. dollars of inflow. matt: not all investors are so ena

over to saudi aramco.eporting, it has received orders worth $75 billion for its debut bond sale. it is one of the most anticipated sales of the year. especially after major investors briefly shunned the kingdom after the killing of journalist, jamal khashoggi. talk to us about the demand. it is soaring. >> still soaring. the order book is still building. it was 60 billion when i woke up and now we are reporting more than 75 billion. feeding into expect pricing. saudi aramco is rated as a single a but looks like it is trading closer to a aa status all because of demand. 105expected pickup of about basis points for the 10 year portion over up with my treasuries putting the yield at about 3.75%. is versus the 3.74% currently on offer for the 10 year saudi sovereign. a tiny bit of pickup for buying saudi aramco versus the saudi sovereign. that is something that is very unusual in the capital market. >> what is the implications then for the kingdom? discussing this all morning given that we also had news that t

the financial investment with saudi aramco is going to realize opportunities not just for aramco, but itself and the shareholders. it is value creating all along. , a winch a win for saudi for the minority shareholders. you can't tease me with other asset sales. what kind of assets might they be? premature, buts my point is it is going to be inactive and not a passive investment. they have taken a significant share of uber. lucid will go into manufacturing. a share in tesla. bold as they were entering some of these investments. they do exit. sorry aboutus: this, your excellency. >> it is ok. the objective is to create value for the kingdom. first and foremost. this will be done through strategic investments, but looking globally. emerging companies and industries to create value for them, but at the same time, to leverage acquisitions and investments for the benefit of their kingdom strategy. i am duty-bound to ask you. you said we could hope to raise $10 million. did you manage to do that? >> you mean the bond sciacca >> yes. the bonds, of course, are at a very critical stage. onhink

aramco is a powerful company.ay it has gone must be a real boost to their ambitions for aramco. abigail: one of the world's largest asset managers is urging investors to bet on emerging markets. in another exclusive conversation, david hunt told bloomberg why he is steering clients in that direction. david: we look at where long-term growth is, and we believe that the emerging markets are where most of that growth will come over the next decade. i spent quite a bit of time in asia. we absolutely are investing across the region. we think that most investors are not exposed enough to asia and emerging markets. >> long-term growth, sure, in emerging markets, but we have to get over some high short-term risk with the u.s. and china, with the trade talks. larry kudlow said things are getting closer. we haven't gotten a big break. what you looking for? david: the coverage of the china trade talks does resemble a high drama television show. there is an enormous amount to discuss whether we get a deal or not. our view is

>> i don't have the detailed accounts of aramco aramco is a very profitable company, obviously, but at the same time you have to bear in mind that aramco does have to fund a large piece of the national budget of saudi arabia. it's financing about 68% of the national budget. it's not strictly speaking aramco's cost. it's a total requirement to satisfy global and supplies, but also to meet the kingdom's own financial requirements skpro thank you. >> all right seems like every day we're getting a big analyst call on disney, and we've got another one crossing right now maybe a little late to the party, but either way, vemo capital markets upgrading disney to outperform and raising its target to $140 a share the stock hit $117.50. they like the star wars theme parks and the upcoming streaming service, disney plus now, this upgrade follows upgrades from cowan. we talked about that yesterday and moffitt nathanson earlier this week. a big week for disney. by the way, all ahead of their investor meeting, which kicks off tomorrow zpliefrmgt so much still to do, including the new numbers on the i

that surpasses exxon mobil joining us now on the cnbc line, a former saudi aramco executive.e is the founder and president of hue say knee energy thank you very much for joining us here on cnbc. with earnings of that size, why does aramco need to tap the credit markets should they issue a bond >> good morning, brian, aramco is obviously responding to the directives of the saudi government, and the saudi government has a very long-term strategic restructuring program for the economy, and this involves a lot more than aramco. it involves the public investment fund growing by $200 billi $200 billion over the next ten years, the saudi industrial development fund, the logistics program promoting 65 major private sector developments so forth, so yes, it's a lot of cash, but it's going to be put to good use and growing the domestic economy of saudi arabia and also diversifying the economy away from being entirely dependent on oil and gas >> you know a big global, i guess, debate over the true value of aramco should it ever go public with that long awaited ipo, 224 billion in pretax

last year, aramco generated of $224 billion.t rated the saudi oil giant as a plus ahead of the debut. tsa and fear chrysler are discussing a way to build cars in europe. bloomberg learned any eventual partnership will likely include sharing investments with new electric cars. the partnership to develop into a wider combination but the current focus is limited and that is your bloomberg/. -- business flash. very much.k you will equities are coming off the back of one of the best quarters since 2010. that is as investors anticipate more policy support from major central banks to prop up earnings and growth. the bond yields remain near multi-year lows over concerned about deterioration in growth. robert kaplan has commented about the inversion in the yield curve in an exclusive interview with bloomberg. curve of some magnitude and some duration i think is significant and something i will watch. we do not have either yet, by the way. manager.e fund he is still with us. eric, a great deal of debate happened last week in regards to th

of us i'm been one filling in for bar children in washington glad you're with us coming up saudi aramco first international bond sale has smashed expectations are correspondent alex held which joins us to drill into the data and how the saudi company plans to move forward plus is there hope on the horizon for trade talks between the u.s. and china on the heels of yet another global downgrade from the i.m.f. former u.s. representative alan grayson gives us his take on the trade turmoil in paris and finally feel chrysler has made a move to dodge billions in fines and their stock is reacting at a met the c.e.o. of the adam mesh trading group joins us to sift through all of the stock and some of the other moves in the market all of that directly ahead but first the headline . and let's begin here with a billion dollar fine for a major london based bank it leads our global report today standard chartered moves to settle with the u.s. government over charges that it violated unilateral sanctions against iran the bank was also set. certainly accused of processing payments for a bank that the u

another interesting point is it is that aramco has been rated at do that aramco has been rated as theon will be how investors are looking at those ratings and how they want to price aramco compared to some of the saudi sovereign issuances over the past couple of years and we should start to see that develop over the next few days as aramco's bonds roadshow goes on. why would unicredit go for commerzbank? they already have some assets in germany, don't they? >> they do have a big bank there. the german subsidiary is one of the biggest banks in germany and adding more size to that makes sense in a market that is potentially over banks. taking up another bank and adding it to your network does not make sense. the question is how much is it possible? it is difficult because of national regulations. that is one obstacle. ♪ >> blackrock is massive. how do reorganize something that big? >> they are making moves in alternatives businesses, the group they have been trying to bolster over the last few years and we reported earlier they had the first close on a private equity fund with $2.75 bil

saudi aramco is preparing a $10 million plus bond offering this week.nterest is reportedly more than $26 billion. the success of the sale is hugely important for the banks involved such as jp morgan. -- company benjamin netanyahu s floated the toa of extending sovereignty the west bank days before national elections. he faces a tight race against a former army chief. global news, 24 hours a day on air and @tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna: thank you. european equities futures point lower. minutes away from the start of trade. next, a look at stocks to watch at the open including the italian oil company affected by its exposure to libya. bloomberg. ♪ matt: five minutes to go until the start of stock trading. let's find out which stocks. dani burger focusing on boeing suppliers in europe. let's start with oil, kicking off, what is this going to do with stocks today? on stocksd to focus directly exposed to libya. companies in the moving as the warlord is but supply coun

we have this big order buildup -- order book buildup for the saudi aramco -- for saudi aramco. an order book is a gauge of demand, not necessarily a reflection of actual demand. to what degree earlier this week -- many people saw that this offer was going to be oversubscribed, therefore, had to upscale their orders, because they knew it would be scaled back. then, the thing snowballed. is that what happened this week? bob: it was delivered well from the primary underwriters. i'm not charlie the participants bought the bonds are as happy today as they were on monday or tuesday. i don't think, anything negative happening. it is just arguably people overpaid on a short-term time horizon. the capital structure looks attractive relative to other major energy complexes, but perhaps a bit rich. jonathan: the company carries no debt. i wonder how you should value this. if you value this against the peers, you look at shell, exxon, we trade white of those names. it make sense from an investment grade perspective. essentially, this is a triple-a credit with no debt on the balance sheet.

the ipo of aramco was postponed last until at least 2021.ly seeking to raise about $10 billion with its ipo. they could file as soon as thursday and begin trading in may. the public offering is expected to be the largest in the u.s. this year and could also be among the 10th largest of all time. the fed vice chairman suggests the current low levels of unemployment in the u.s. may be sustainable. his comments, despite concern it may spark runaway inflation. declining unemployment has been on important factor in the fed deliberation in recent years. 7:00 p.m.inutes, at u.k. candidate -- u.k. time today. global news 24 hours a day, on-air and on tic-toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ nejra: stephen engle in hong kong, great to have you with us. benjamin netanyahu looks set to sail to a fit term. it seems -- fifth term. brand ofhis nationalism and global stature eclipsed doubts about his integrity. far. coverage so thank you so much for joining us today. what do you

, aramco shares, or commercial paper.orld's largest company, obviously, is going to have all the tools at its disposal to access capital markets. i think in terms of paying the deal, it ise sabic going. again, the prospectus for the shares, it is not the primary reason. the only reason for accessing the bond market. it is a tool that the company needs to have, and we need to level up and just add some debt instruments on our balance sheet. manus: and it establishes a very clear yield curve so to speak. sports, who ise right, was a 26 billion dollars demanded or $30 billion? what the world was to know, where is the bulk of the demand? 26 billion, or 30 billion? is still dynamic there we books have not been closed, but it is upwards of both numbers. i am not part of the roadshow, my -- it is healthy, let's put it this way. behink you should just patient, wait a couple of days come by wednesday, we will all know. francine: that was khalid minister.saudi oil he was speaking to manus cranny of saudi arabia energy forum in riya

all hail saudi aramco.ingdom's oil company is just the latest example of corporate seeing more demand for further death and sovereign government. active may be losing ground to passive products, but smart beta funds are catching some of the assets. we take a look at how china fits into this global trend. and are the reports of the death of the mall greatly exaggerated? an etf that goes long e-commerce and short physical stores makes

population, and so that is the real issue with aramco is what does it fund?nds the entire saudi state. stil still, the numbers are very impressive >> oil is the second best. you and i, of course, we were in opec together. many times, by the way, the last few years. it appears opec's strategy is working. >> i wouldn't say it's the saudi strategy that's working. i feel like saudi can take a win. >> i would-for saudi arabia to -- >> give it to -- the saudi oil minister kept saying in december look what we do in q1. you know, you have in questions about our credibility with this cut? the saudis have been very, very relentless in driving down exports to the united states they've cut overall production, but if you look at the motiva refinery, which they own. >> biggest in america. >> they've basically zeroed out saudi exports in that refinery to change the sort of outlook of u.s. inventory data. thief been incredibly disciplined in basing their strategy of getting prices higher >> no venezuela? there was one tanker three weeks ago that we highlighted. that's it. >>

you would imagine that the aramco forld tap additional cash for a lot of id investor's, aramco is onar with other big energy companies like exxon mobil and bp. for them it is attractive. tracy alloway there, our executive editor and cohost for "bloomberg markets middle east." look at markets for us. 7065 is where we are. prices fell earlier. the most in two months since russia cloud the prospect for extended production cut rates. we are working with the corporation for the opec, and we are willing to work together to have joint solutions. i would be cautious. we would be prepared to continue corporations. whether that is the decrease of the output, or maybe keeping the oil output at a current level, i am not ready to say that yet. rishaad: our asia editor joins us from singapore. what was it about president vladimir putin's remarks towards the markets? >> it is that note of caution. the oil market has surged up 30% because of these fundamental actors like cut and supply. anything that makes investors think that those supply cuts will not continue on in the second-half starts to make

saudi aramco has begun selling dollar bonds for the first time. bloomberg has learned that its order book is at already $40 billion. the saudi government controlled oil company is targeting a $70 billion acquisition. a lightning rod for criticism over immigration policy is leaving the trump administration. homeland security secretary kirstjen nielsen was asked to resign. people familiar with the matter say the president once a strong law-enforcement type figure in charge of the department. he is said to be frustrated with the border issue not being solved faster. british prime minister theresa may has lined up exit meetings tomorrow with the leaders -- lined up brexit meetings tomorrow with the leaders of germany and france, aimed at clearing up the deadlock back home. the eu may press the u.k. to stay longer, trying to avoid recurring crises and other drama. eu leaders meet wednesday. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm courtney donohoe. th

investors from that kingdoms or oil riches so get this last week of the country's oil giant saudi aramco pitched its first international bond offering and it looks like investors are more than eager to get a piece of the pie get this saudi aramco bond it's already received one hundred billion dollars in orders yes billion with a b r d's alex be a hell of it she joins us now from toronto with this in the alley some big players coming out in support of iran cause offering here obviously you don't get one hundred billion dollars if they don't what are we hearing when it comes to the demand for these bonds. think about saudi arabia they were on the naughty list last year nobody wanted to touch them because show you affair which the united states as well as other countries have said the prince of saudi arabia ordered the killing of that journalist and you have yemen yemen the war they never ends it is one of the biggest humanitarian disasters that we have on the face of the planet ad the fact that saudi arabia for decades has been supporting wahhabi terrorists around the world you think you k

how long will saudi rest on its laurels before making another move with aramco?rian: it is an interesting question because this is their debut bonsall and has gone so well that you would think this is something they can do again going forward if the opportunity presented itself. one of the things that is so appealing about aramco is it has such a solid balance sheet relative to prevent any other company out there that i think they will be selected. but the fact that saudi arabia was able to come in with its own debt and that aramco was able to price, it is very clear the political risk has dissipated at least for the time being. vonnie: it has many characteristics of a aaa rate. our thanks to brian bloomberg opinion. attorney general william barr testifying right now before house appropriations committee. mueller'sng robert report will be public within a week. barr also says he will offer some explanation for the material he is withholding. the department rejecting sensitive parts of the report into potential ties between moscow and the trump campaign. you can wa

saudi aramco, you have tencent from last week.eawaken some of the quality names in the investment-grade space? neeraj: the key is the balance of supply and demand. given the backdrop, the demand is coming back for the quality leads. --the supply side, hugh have given the fact that they can ask to get through the market, overall, given the need for income, you will see a lot of these large issuance getting through the market. >> let's talk about some of the names that you like. indonesia looks attractive to you. i was a from the country like chinese real estate i.e.. we stay positive, given the kerry. we like select names in india and the rest of egypt. >> imagined india. we have seen the credit profile for indian companies. they are relating at a fast pace in six years. --s is -- not of updates double the amount of upgrades in the first quarter. seen the overall credit issue we had -- as a we are bottoming out at this point. india is a more advanced credit cycle at this point. you can see the bottoming out there. level ofstill som

eye-popping data. >> aramco is the most profitable company on earth, according to surpassed u.s.come of just over $110 billion last month, they gave the oil giant the fifth highest investment rating. >> aramco income last year was around $111 billion, well ahead of apple and other oil company -- companies like exxon and royal dutch shell. another interesting point is that aramco has been rated as the same level as the saudi sovereign and the next question will be how investors are looking at those ratings and how they want to price aramco compared to some of the saudi sovereign issuances over the past couple of years and we should start to see that develop over the next few days as aramco 's bonds roadshow goes on. ♪ >> unicredit is waiting with a tie up between the biggest banks in germany failed according to the fc which says the lender is preparing a rival bid for commerce frank. why would unicredit go for commerce bank -- commerzbank? >> they do have a big bank there. the german subsidiary is one of the biggest banks in germany and adding more size to that makes sense in a ma

bonds or aramco shares or commercial paper.will obviously have all the tools at its disposal to access capital markets. i think in terms of paying the is going.the deal, it again, the prospectus for the reason forthe only accessing the bond market. it is a tool that the company needs to have and we need to lever up and just have some debt instruments on our balance sheets. a verythat establishes clear yield curve. ?ho is right was it $20 billion demanded her $30 billion? what the world really wants to know is, where is the bulk of the demand? >> it is still dynamic. i think the books have not been closed but it is upwards of those numbers. of 30 it is north billion? >> i believe so. i'm not part of the roadshow. but it is healthy. just be patient, wait a couple of days. on wednesday, we will all know. romaine: that was the saudi energy minister in an exclusive interview with manus cranny. joining us now, bloombergs managing editor for energy and commodities. you just heard the interview. we've seen all the numbers on this debt

let's get a little bit more now on the aramco story. world's largest oil company has received $75 billion in orders for its debut bonds. yields are expected to fall in line or below saudi arabia sovereign debt. investor appetite for quality paper. let's get to our middle east commodities editor. he's in our dubai studio. the appetite for bonds, $30 billion yesterday morning. billion, this is a real validation moment for the kingdom. in terms of aramco and what it can offer as a proposition to international investors. >> exactly. the we first started seeing numbers from aramco last week, the world's most profitable has the same amount of net income as apple, google and exxon combined. i don't think it was surprising to see this feeding frenzy on the bond. most analystse predict they will raise $15 billion. the company doesn't need the money to close the deal with sabic. it is part of what yesterday the is aman of the company long-term plan of increasing debt. providing the instruments necessary for it to fund its future expansion. nejra:

he also says the aramco say that -- aramco-sabek deal will be done hopefully this year.ful. debt cominge more to the aramco balance sheet, it will be an active player in bond and debt markets. and the ipo will be done quote when we are ready. let's talk more about that with an important player in the saudi ipo market. joining us today is some of the biggest names in banking, gathered in saudi arabia. hsbc's john flint, blackrock's flynt arenn -- larry there. this comes after wall street bailed on the investment summit following the killing of journalists jamal khashoggi. plan tooes the saudi attract more foreign money? than ther to speak to ceo of saudi arabia's stock exchange? let me first ask you about this aramco ipo. when do you think it will be done, when we see the prospectus ? >> thank you very much. ipo,it comes to the aramco how it is positioned on the stock exchange will always be the same. thater, as for information the ipo is still in plan, i think the saudi stock exchange is making itself more and more attractive. we are looking forward for this ipo as other

it's true business the world's largest oil conglomerate saudi aramco has raised twelve billion dollars with its first international bond issue high demand is seen as a good sign for a planned initial public offering that the company has delayed several times now it is currently planned for next year according to crown prince mohammed bin salomon who oversees business that saudi aramco he and his country have come under fire following the murder of saudi journalist jamal khashoggi in october but investors appear to be looking past that and a focusing on profits again. let's bring in now correspondent in frankfurt who's following this story very closely conrad first of all just clarify for me if investors.

who oversees business at saudi aramco he and his country have come under fire following the murder of saudi journalist. but investors appear to be looking past that and a focusing on profits again. let's bring in now correspondent in frankfurt who's following this story very closely first of all just clarify for me if investors are suddenly turning a blind eye or have suddenly forgotten all.

you mentioned it, aramco. we are continuing to see the book increase on this one area tot is -- that has managed pull down yields. have a look at our bloomberg chart. this,sting thing about the pricing might come in at how much the saudi government borrowed, if not below when it hits the market. investors buying into when they buy aramco debt? it is linked to the sovereign, so it is very safe. it is the world's most profitable company. i am not sure it is a bet on aning oil prices, but it is eight knowledge meant that the way they make their money is by pumping crude. avestors seem to be assigning very safe kind of yield level to that. wes, thank you, live out of singapore. you can follow all of his work. our markets live at team. mark cranfield and the rest of the gang. really figureo out what is going on, especially today where frankly, there is nothing happening in this market. rishaad: we will talk to karen, karen lam, senior advisor at t.cked up -- picte perhaps we can start by talking about aramco. can w

oil giant saudi aramco is preparing for a bond sale with a trove of eye-popping data. ♪ >> saudi aramcoof the firm's account. it easily surpassed u.s. giants apple and exxon mobil. moody's says aramco generated net income of just over $110 billion last month. the agency gives the saudi oil giant the fifth highest investment rating. >> the income loss last year was around $111 billion, far surpassing apple around $59 billion, and well ahead of the other oil companies, like exxon and shel which have, been around the $20 billion mark. aramco has been rated at the same level as the saudi sovereign, in the next question will be how investors looking at those ratings, how they want to price aramco compared to some of the saudi sovereign issuance we have seen over the past couple years. we should start see the answer to that over the next few days as aramco's bonds go on. ♪ >> unicredit is waiting in the wings to tie up two of germany's biggest banks failing. the italian lender is preparing a rival bid for commerzbank should talks with deutsche bank collapse. why would unicredit bid for commer

now more on saudi aramco. joining us now is dimitri. so we have this deal with a saudi aramco.t valuable company in the world? deal makesy, this saudi aramco more integrated in industrial and petrochemicals. the company will more resemble international oil majors. meanine: what does that for your thinking on where saudi aramco goes from here? dmitry: what i want to say is a high proportion of the company's income will now come from petrochemicals, and this will less exposed to fluctuations in oil prices. francine: so does that mean that, if they were likely to continue with the ipo, that saudi aramco will have a more stable footing from investors? dmitry: yeah, i think so. actually, if we look at how companies, different companies, international oil companies around oil prices collapsed several years ago, companies with that level of integration into downstream and petra, goals -- and better chemicals saw -- and petrochemicals saw less loss of earnings. this deal should make the company les exposed to the fluctuation in oil prices. francine: what makes you worry about saudi ara

aramco issuing 12 billion -- $12 billion of bonds. is get to the latest.an, i assume you have been following this like the rest of the world. what does it say about the amount of demand versus the market? you have to ask her self how this came to be, so you have the banks that have a real vested interest, so they really drum up a lot of demand, but you also have to buyer basis. you have these emerging markets and the great credit buyers who see it as achieving exxon and that is how you get one of $2 billion in order and yields that are lower. spread, itfrom that is the ig credit briars -- ig credit buyers? lot was that saudi arabia had been blacklisted from the market and i think there was a realization that ok, we can go in now. it is not necessarily the political risk that it was before, so i think that commanded a lot of money coming in and even saudi arabia's own sovereignty fell as a result. interesting to see if we get further issuance coming. what do you make of the fact that also the bankers were not afraid to go all in on the political risk. it wa