Riyadh: The Public Investment Fund (PIF) today issued a press release announcing that it has successfully priced its inaugural sterling-denominated bond offering of 650 million pounds ($830 million) under its existing Euro Medium-Term Note program. The issuance is part of PIF’s strategy to continually diversify its sources of funding.
According to the release, the offering was more than six times oversubscribed, and comprised the following tranches:
- 300 million GBP (SR1.44 billion), 5-year coupon.
- 350 million GBP (SR1.68 billion), 15-year coupon.
Loans and debt instruments represent one of PIF's four primary sources of funding. Others are retained earnings from investments, capital injections from government and government assets transferred to PIF.
PIF is rated A1 by Moody's with a positive outlook, and A+ by Fitch with stable outlook, the release said.
