PIF announces pricing of $1.25 billion international sukuk offering
Saudi Gazette report
RIYADH — The Public Investment Fund (PIF) announced on Thursday the pricing of a $1.25 billion sukuk offering. The proceeds of the dollar-denominated offering will be used for PIF's general corporate purposes, the Saudi sovereign wealth fund revealed.
The seven-year sukuk was more than 6.5 times oversubscribed, with orders exceeding $9 billion. The sukuk will be listed on the London Stock Exchange's International Securities Market as part of PIF's international sukuk issuance program.
Ahmed Alrobayan, head of Public Markets, Global Capital Finance, at PIF, said: 'The strong investor demand for this new sukuk offering underscores PIF's robust credit profile, along with its role as a key driver of Saudi Arabia's economic transformation. The transaction represents a continuation of our established and diversified financing strategy, which draws strong support from international investors.'
PIF's long-term capital-raising strategy includes a diverse range of instruments, including sukuk and bond programs. Earlier this year, PIF completed its inaugural murabaha credit facility and last August renewed a revolving credit facility. PIF is rated Aa3 by Moody's with a stable outlook, and A+ by Fitch, also with a stable outlook.
It is noteworthy that PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.
As a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.
Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.
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