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HomeInvestmentPIF Clinches Major Sterling Bond Deal

PIF Clinches Major Sterling Bond Deal

Saudi's PIF Triumphs in the Debut Sterling Bond Market

June 5, 2024
in Investment
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The Public Investment Fund (PIF) has effectively completed its first-ever offering of sterling-denominated bonds, amassing 650 million pounds (GBP) under its Euro Medium-Term Note program. This initiative aligns with PIF’s strategy to expand and diversify its financial backing sources.

The bond offering witnessed an overwhelming interest, attracting subscriptions more than six times the announced amount, and was divided into two tranches:

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  • 300 million GBP (SAR1.44 billion), with a 5-year maturity period.
  • 350 million GBP (SAR1.68 billion), with a 15-year maturity period.

PIF relies on a quartet of financing avenues: loans and debt instruments, internally generated funds from investments, governmental capital infusions, and asset transfers from the government to PIF.

In recognition of its robust financial position, PIF has secured an A1 credit rating from Moody’s, accompanied by a positive outlook, and an A+ rating from Fitch, indicating a stable outlook.

Tags: Credit RatingFunding DiversificationOversubscribed OfferingPublic Investment FundSterling Bond
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