Saudi Aramco, one of the world’s largest integrated energy and chemicals companies, has completed a $4 billion bond issuance across four tranches under its Global Medium Term Note Program, the company said, underscoring its strategy to optimize its capital structure while maintaining financial discipline.

A bond issuance is essentially a way for a company to raise large-scale capital by borrowing from global investors rather than a single bank. In this arrangement, Aramco issues notes, effectively corporate I owe you (IOUs), to investors who provide cash upfront. In return, Aramco commits to repaying the full amount by a set date, known as “maturity,” while paying a fixed annual interest fee, called a “coupon,” for the duration of the loan. By splitting the $4 billion into different “tranches” or slices, the company can spread its repayment obligations over several decades, ranging from three to thirty years.

The issuance was priced on January 26, 2026, and the notes were listed on the London Stock Exchange. Aramco said the deal was attractively priced, with negative new-issue premiums on three of the four tranches, reflecting the company’s strong credit profile.

The bond offering comprises $500 million of senior notes maturing in 2029 with a coupon of 4.0%, $1.5 billion of senior notes due in 2031 with a coupon of 4.375%, $1.25 billion of senior notes maturing in 2036 carrying a 5.0% coupon, and $750 million of senior notes due in 2056 with a coupon of 6.0%.

Aramco said the issuance aligns with its long-term value creation strategy for shareholders. In June 2025, Saudi Aramco completed a separate $5 billion bond issuance under its Global Medium Term Note Program, split into three tranches and listed on the London Stock Exchange. That offering attracted strong interest from institutional investors even as global oil prices weakened and came amid robust company profits and relatively low debt levels, reflecting confidence in Aramco’s financial resilience.