Arab News, Wed, Jun 05, 2024 | Dhu al-Qadah 28, 1445
PIF prices inaugural sterling bond offering of $829m
Saudi Arabia:
Saudi Arabia’s Public Investment Fund has priced its inaugural sterling bond
offering of £650 million ($829.80 million) under its existing Euro Medium-Term
Note program.
The issuance is part of PIF’s strategy to
continually diversify its funding sources.
The offering, which was more than six times
oversubscribed, includes a £300 million tranche with a five-year coupon and a
£350 million tranche with a 15-year coupon.
Loans and debt instruments are one of PIF’s four
primary funding sources, alongside retained earnings from investments, capital
injections from the government, and government assets transferred to PIF.
PIF holds an A1 rating with a positive outlook
from Moody’s and an A+ rating with a stable outlook from Fitch.