Man behind Saudi's $17.5bn bond sale said to be rejoining HSBC unit

The head of Saudi Arabia’s debt management office, who oversaw the country’s $17.5 billion sovereign bond sale in October, is reportedly rejoining HSBC Holding’s local unit.

Bloomberg reported on Wednesday that Fahad Al Saif plans to return to Saudi British Bank as head of global banking and markets, citing people with knowledge of the matter.

Al Saif will also rejoin the board of HSBC Saudi Arabia Ltd, the British lender’s local investment banking unit, bloomberg added.

Al Saif was reportedly the second HSBC banker to move into a government role in Saudi Arabia in a matter of months last year after Mohammad Al Tuwaijri was appointed deputy economy and planning minister.

The Saudi government hired Al Saif to establish the debt management office as part of preparations for its debut international bond sale.

It was reported last month that Saudi Arabia plans to borrow between $10 to $15 billion from international markets in 2017.

The Saudi government borrowed $17.5 billion in 2016 in its first international bond issue, and also raised a $10 billion international loan.

The Ministry of Finance didn’t respond to requests for comment, while a SABB spokesman declined to comment, Bloomberg said.

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