RIYADH: 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.
Source: Arab News
