Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has announced the pricing of its inaugural GBP 650 million sterling-denominated bond under its Euro medium-term note programme.

The issuance is oversubscribed by more than 600%, according to a press release.

The offering includes two tranches: GBP 300 million (SAR 1.44 billion) with a five-year maturity, and GBP 350 million (SAR 1.68 billion) with a maturity of 15 years.

The issuance aligns with PIF’s strategy to continually diversify its sources of funding. Loans and debt instruments represent one of the fund's four primary sources of financing, along with retained earnings from investments, capital injections from the government, and government assets transferred to the fund.

PIF is rated A1 by Moody's with a positive outlook, and A+ by Fitch with a stable outlook.

In January 2024, the fund concluded pricing of $5 billion international bond offering.

In a similar vein, the Saudi National Debt Management Center (NDMC) closed a SAR 3.23 billion sukuk issuance earlier in May.