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The GCC DCM market is rallying again, as Saudi Arabia’s Public Investment Fund returns with a benchmark-sized, three-tranche US dollar issuance across three-, seven- and 30-year maturities.
The mandate is coupled with IPTs, with the three-year issuance in the 130bps area over US Treasuries, the seven-year in the T+135bps area, and the 30-year in the +170bps area.
Citi is the billing and delivery bank on the two shorter tenors, while JP Morgan is the listed name on the 30-year issuance.
Both banks, along with Goldman Sachs International and HSBC are the joint global coordinators on the Regulation S senior unsecured offering, with BNP PARIBAS, BofA Securities, Mizuho, SMBC, Société Générale Corporate & Investment Banking and Standard Chartered Bank named joint active bookrunners.
The expected issue rating on the offering is Aa3 / A+ by Moody’s/Fitch, in line with the sovereign wealth fund’s own rating, which is listed as the guarantor on the offering.
GACI First Investment Company is the issuer of the transaction.
The multi-tranche offering will come under PIF’s Guaranteed Euro Medium Term Note Programme.
A listing on London Stock Exchange’s International Securities Market will follow.
Books open today and FCA / ICMA stabilisation rules apply.
(Writing by Bindu Rai, editing by Seban Scaria)
