PIF Completes Pricing of Bond Offering Worth $5 Billion

The Public Investment Fund (PIF) completed the pricing of its international bond offering worth $5 billion (equivalent to SAR 18.75 billion).

The offering is part of the Fund’s Euro Medium-Term Note Program. It aligns with its strategy to diversify its funding sources.

The offering is divided across three tranches as follows:

• Firstly, a $1.75 billion tranche (equivalent to SAR 6.6 billion) for 5-year coupons, maturing in 2029.
• Secondly, a $1.75 billion tranche (equivalent to SAR 6.6 billion) for 10-year coupons, maturing in 2034.
• Thirdly, a$1.5 billion tranche (equivalent to SAR 5.6 billion) for 30-year coupons, maturing in 2054.

“Continued strong demand from international institutional investors is a 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,” said Head of Global Capital Finance Division Fahad Al Saif.

Loans and debt instruments represent one of the four sources for financing the Fund.

Moody’s credit rating agency rated PIF A1 with a positive outlook and Fitch rated the fund A+ with a stable outlook.

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