Latest news with #commercialpaper
Bloomberg
4 hours ago
- Business
- Bloomberg
Saudi PIF Adds Short-Term Debt Tool to Broaden Funding Sources
Saudi Arabia's Public Investment Fund introduced its first commercial paper program, adding a new short-term debt instrument to its toolkit as it seeks to diversify sources of capital and back spending on the kingdom's economic overhaul. The program allows the sovereign wealth fund to issue in dollars and euros through offshore special purpose vehicles, according to a statement on Monday. The PIF didn't disclose when it plans to first issue commercial paper.
Arab News
7 hours ago
- Business
- Arab News
PIF launches commercial paper program to diversify funding sources
RIYADH: Saudi Arabia's Public Investment Fund has launched its first commercial paper program, introducing a new tool to diversify its funding sources and enhance short-term liquidity management. A commercial paper is a debt instrument used to raise short-term funding, offering faster access to funds than traditional loans. It is widely used in global financial markets, offering PIF greater flexibility in meeting its needs while aligning with its dynamic investment priorities. The CP program will enable PIF to issue short-term debt through offshore special-purpose vehicles, enhancing its liquidity management and complementing its long-term capital-raising initiatives. According to a press release, the initiative, which includes US and Euro CP sub-programs, has received top-tier credit ratings of Prime-1 from Moody's and F1+ from Fitch, underscoring its strong financial standing. PIF has consistently demonstrated its ability to pioneer new financial instruments. In 2022, it became the first sovereign wealth fund globally to issue a green bond, including a landmark century green bond, followed by a successful $3.5 billion sukuk issuance, according to the fund. PIF's Head of Global Capital Finance and Investment Strategy and Economic Insights, Fahad Al-Saif, emphasized the program's role in strengthening the fund's resilient and adaptive financial framework. 'The establishment of our CP program reflects the continued strength and depth of PIF's capital raising strategy; one that is dynamic, resilient, and fit for purpose, aligning funding solutions with our long-term investment priorities,' he said. In a press release, Moody's Ratings said that the programs will operate under newly established special purpose vehicles, CPDE Investment Co. and CPNL Investment Limited. 'PIF has an excellent liquidity profile,' Moody's said in its rating rationale, citing the fund's cash reserves of SR106 billion ($28 billion) and undrawn credit facilities as key strengths. According to the agency, the USCP program will support maturities of up to 397 days, while the ECP program will cover maturities of up to 364 days, with proceeds earmarked for general corporate purposes. PIF is Saudi Arabia's primary investment arm, tasked with advancing economic transformation under Vision 2030. Through strategic partnerships and investments, the fund aims to build future-ready industries, create employment opportunities, and promote sustainable development. As the driving force behind Saudi Arabia's Vision 2030, PIF has established 103 companies since 2017, fostering economic diversification and sustainability.
Argaam
8 hours ago
- Business
- Argaam
PIF establishes first commercial paper program
The Public Investment Fund (PIF) announced the establishment of its commercial paper (CP) program, adding a new source of funding to its existing instruments. The program, which allows CP issuance through offshore special purpose vehicles, is comprised of two sub-programs, a US CP program and a Euro CP program, the Kingdom's sovereign wealth fund said in an emailed statement to Argaam today, June 23. The program is rated P-1 by Moody's and F1+ by Fitch, the highest possible ratings for such an initiative. CP issuances enhance PIF's short-term financing flexibility and complement its long-term capital raising efforts. CP is a common cash management tool in global financial markets, and the establishment of this program by PIF reflects its agile capital raising strategy. PIF's medium term capital-raising strategy is built on diversified funding solutions that include a range of instruments, such as bonds, sukuk and loans. In October 2022, PIF was the world's first sovereign wealth fund to issue a green bond including the world's first century green bond. This was later followed by PIF's inaugural sukuk issuance priced at $3.5 billion.
Zawya
9 hours ago
- Business
- Zawya
PIF establishes its first commercial paper program, further diversifying its funding sources
The commercial paper program carries credit ratings of P-1 from Moody's and F1+ from Fitch RIYADH, June 23, 2025 – PIF today announced the establishment of its commercial paper (CP) program, adding a new source of funding to its existing instruments. The program, which allows CP issuance through offshore special purpose vehicles, is comprised of two sub-programs, a U.S. CP program and a Euro CP program. The program is rated P-1 by Moody's and F1+ by Fitch, the highest possible ratings for such an initiative. CP issuances enhance PIF's short-term financing flexibility and complement its long-term capital raising efforts. CP is a common cash management tool in global financial markets, and the establishment of this program by PIF reflects its agile capital raising strategy. Fahad AlSaif, PIF's Head of Global Capital Finance and Investment Strategy and Economic Insights, said: 'The establishment of our CP program reflects the continued strength and depth of PIF's capital raising strategy; one that is dynamic, resilient, and fit for purpose, aligning funding solutions with our long-term investment priorities.' PIF's medium term capital-raising strategy is built on diversified funding solutions that include a range of instruments, such as bonds, sukuk and loans. In October 2022, PIF became the first sovereign wealth fund globally to issue a green bond including the world's first century green bond. This was later followed by PIF's inaugural sukuk issuance priced at $3.5 billion. PIF is rated Aa3 by Moody's with a stable outlook, and A+ by Fitch, also with a stable outlook. PIF is one of the world's most impactful investors, enabling the creation of key sectors and opportunities that help shape the global economy, while driving the economic transformation of Saudi Arabia. -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 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. For media inquiries: PIF Media Relations Email: media@ Website: Rupert Trefgarne: rtrefgarne@
Zawya
28-05-2025
- Business
- Zawya
Nigeria: Finceptive closes oversubscribed $1.8mln series 1 commercial paper issuance
Finceptive Limited, a leading provider of supply chain financing solutions in Nigeria, has announced the successful completion of its N3 billion Series 1 Commercial Paper (CP) issuance. The offer, which was opened to institutional investors from May 6 to May 12, 2025, was oversubscribed, demonstrating strong market confidence in the company's operational performance, corporate governance, long-term vision, and credit profile. The 268-day tenor CP issuance marked Finceptive's debut in the Nigerian debt capital market. This reinforces the company's strategic effort to diversify its funding sources and deepen its liquidity. Proceeds from the issuance will be strategically deployed to fuel Finceptive's continued growth, bolstering working capital reserves and enabling the company to capitalize on emerging opportunities in the supply chain finance market. 'We are thrilled by the positive reception of our debut issuance,' said Ogochukwu Anerobi, Group Chief Executive Officer of Finceptive Limited. 'This milestone is more than just a successful raise; it's a resounding signal that the market believes in what we're building. We're not just financing supply chains; we're redefining how businesses access the capital they need to grow.' Finceptive Limited is a pioneering supply chain finance solutions provider, empowering vendors, and suppliers of Nigeria's leading corporations across key sectors including FMCG, Manufacturing Telecomms, and Financial Services. By leveraging its expertise in Factoring and Receivables Financing, Finceptive unlocks vital working capital, driving growth and efficiency for its clients. With a proven track record of innovation and a strategic entry into the commercial paper market, Finceptive is poised to cement its position as a market leader in Nigeria's rapidly evolving supply chain financing landscape, solidifying its reputation as a trusted partner for businesses seeking to optimize their supply chain operations. Finceptive Limited's ratings of BBB from DataPro and BBB- from Agusto & Co underscore the company's financial standing and provided a solid foundation for the successful issuance. The Commercial Paper was registered with the FMDQ Securities Exchange, and Cordros Capital Limited acted as the Lead Arranger on the transaction. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
