Saudi mega deal sets up bond market future

Saudi Arabia’s record breaking international triple trancher, priced Wednesday, heralded the start of a new era for the Gulf’s largest economy as it embarked on a future away from oil. The remarkable $17.5bn debut — the largest ever syndicated sovereign bond — swept up $63bn of global interest this week, which is just as well given the economic task that lies ahead for the country, writes Virginia Furness.