PIF announces pricing of $4bln bond offering
Investor demand reflects PIF's strong financial position
RIYADH – PIF today announced that it has successfully completed the pricing of a $4 billion Reg S bond issuance. Proceeds from the issuance will be utilized for general corporate purposes.
The international bond offering is part of PIF's Euro Medium-Term Note Program and was four times oversubscribed, with an order book of approximately $16 billion. The issuance comprised of two tranches:
$2.4 billion, (SAR 9 billion), five years
$1.6 billion, (SAR 6 billion), 9 1/2 years
The oversubscription reflects the effectiveness of PIF's capital raising strategy and affirms PIF's key role in driving Saudi Arabia's economic transformation. It also underpins PIF's strong financial position, as well as its best practice approach to debt financing.
Ahmed Alrobayan, Head of Public Markets, Global Capital Finance, at PIF, said: 'Continued strong demand from international institutional investors is testament to PIF's diversified investor base, robust medium-term capital raising strategy and strong credit profile. These factors allow uninterrupted access to the global capital markets and support PIF's efforts in driving Saudi Arabia's economic transformation.'
PIF is rated Aa3 by Moody's with a stable outlook and A+ by Fitch, also with a stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.
-Ends-
About PIF
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.
And 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 99 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.
For more information, visit the website at www.pif.gov.sa
Rupert Trefgarne: rtrefgarne@pif.gov.sa
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