Saudi Arabia’s Public Investment Fund (PIF) has successfully completed the pricing of a $5 billion Reg S international bond offering, under its Euro Medium-Term Note Program.
This is in line with its strategy to continually diversify its funding sources. “Strong demand from a diverse base of international institutional investors reflects PIF’s financial strength and strong credit profile: rated A1 by Moody’s and A+ by Fitch,” according to the statement.
The offering comprised of the following three tranches: $1.75 billion, 5-year coupon maturing in 2029; $1.75 billion, 10-year coupon maturing in 2034 and $1.5 billion, 30-year coupon maturing in 2054.
Fahad Al Saif, Head of the Global Capital Finance Division said that, “Continued strong demand from international institutional investors is testament to the ongoing success of PIF’s medium-term capital raising strategy.”
“It is also reflective of PIF’s strong credit profile and financial strength, highlighting its role as one of the key drivers of Saudi Arabia’s economic transformation and as one of the largest and most impactful sovereign wealth funds globally,” Al Saif added.
The Public Investment Fund is one of the largest and most impactful sovereign wealth funds in the world. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy.
Since 2017, PIF has established over 90 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally.
Earlier this month, PIF completed a deal to invest in the Middle East Paper Company (MEPCO), a leading manufacturer specializing in producing and recycling paper-based products in the Middle East and North Africa (MENA).
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