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Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is marketing a US dollar three-year and nine-year bond offering at initial price thoughts (IPT) of US Treasuries (UST) plus 125 basis points (bps) area and UST + 140bps area.
Books are set to open later in the day, and the debt deal is benchmark-sized, which is typically understood to be $500 million.
The senior unsecured notes will be issued through GACI First Investment Company under its Euro Medium Term Note Programme and guaranteed by PIF, rated Aa3(Stable) by Moody’s / A+ (Stable) by Fitch.
Coupon is fixed rate, semi-annual 30/360 and settlement date is 29, January 2025. The issuance is expected to be rated Aa3 / A+ (Moody's/Fitch).
The proceeds will be used for general corporate purposes.
BNP Paribas, Citi, Goldman Sachs International and Standard Chartered Bank are the joint global coordinators.
PIF manages $925 billion in assets and is the key driver of Saudi Arabia’s Vision 2030 programme, a strategy that will help the oil-rich kingdom diversify away from fossil fuels.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
