Saudi Arabia is selling bonds and Islamic securities, while offering to buy back as much as $15.5 billion of debt, Bloomberg News reported. The world’s biggest oil exporter plans to sell sukuk maturing in six years and bonds due in 10, both denominated in dollars. At the same time, Saudi Arabia asked holders of its bonds due in 2023, 2025 and 2026 to tender their notes for purchase by the kingdom for cash. It will announce the maximum acceptance amount after the pricing of the new securities. Bonds issued by Gulf Arab states have outperformed their emerging-market peers this year as elevated oil prices boost their fiscal and current-account positions. Investors are also gravitating to more highly rated debt amid growing fears of a global recession. Saudi Arabia’s debt is rated A1 by Moody’s Investors Service, its fourth-highest grade. Read more.