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Saudi Arabia’s Public Investment Fund (PIF), rated Aa3 (Stable) by Moody’s and A+ (Stable) by Fitch, has mandated banks for its inaugural EUR green dual-tranche bond, the sovereign wealth fund’s second tap of international debt markets in a less than a month.
A Reg S, senior unsecured bonds, comprising three-year and seven-year tranches are expected to follow.
Crédit Agricole CIB, JP Morgan and Societe Generale have been mandated as Joint Global Coordinators to organise a series of fixed income investor calls commencing Monday.
Barclays, BBVA, BNP Paribas, HSBC, IMI Intesa-Sanpaolo and ING have been mandated as Joint Active Bookrunners.
Barclays is also acting as Green Structuring Advisor.
The bonds will be issued under GACI First Investment Company’s Euro Medium Term Note Programme and guaranteed by the almost $1 trillion wealth fund.
Saudi PIF raised $2 billion in 10-year dollar-denominated bond on September 8, priced at 95bps over US Treasuries, reflecting strong investor demand with orders exceeding $7.5 billion.
(Writing by Bindu Rai, editing Seban Scaria)
