PIF enlists global banks for second debt market issue
- Date: 27-Feb-2024
- Source: AGBI
- Sector:Financial Services
- Country:Saudi Arabia
PIF enlists global banks for second debt market issue
Saudi Arabia’s Public Investment Fund (PIF) has hired banks for its upcoming Shariah-compliant dollar bond, marking its second venture into the bond market this year. The sovereign fund, which manages over $700 billion in assets, has mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators, Reuters reported, citing a PIF document. Investor meetings […]Saudi Arabia’s Public Investment Fund (PIF) has hired banks for its upcoming Shariah-compliant dollar bond, marking its second venture into the bond market this year.
The sovereign fund, which manages over $700 billion in assets, has mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators, Reuters reported, citing a PIF document. Investor meetings started on Monday.
The unsecured sukuk will have a seven-year tenure. The total amount to be raised was not disclosed.
Last month, PIF received orders for more than $20 billion for its dollar-denominated triple-tranche bond sale, capital markets publication IFR reported.
The sovereign fund raised $5 billion through selling a triple-tranche conventional bond and $3.5 billion from a sukuk deal in October.
PIF plans to ramp up its capital deployment to $70 billion a year after 2025, from the current $40-$50 billion, PIF governor Yasir Al-Rumayyan said last week in Miami.
Saudi Arabia requires roughly SAR86