The Public Investment Fund (PIF) of Saudi Arabia, rated Aa3 (Stable) by Moody and A+ (Stable) by Fitch, has authorized banks to issue its first EUR green dual-tranche bond, the second bond that the sovereign wealth fund has tapped into international debt markets in less than a month.
They are likely to be followed by a Reg S, senior unsecured bonds, three-year, and seven-year tranches.
Joint Global Coordinators Crédit Agricole CIB, JP Morgan, and Societe Generale have been compelled to hold a set of fixed income investor calls beginning on Monday.
Joint Active Bookrunners have been mandated to include Barclays, BBVA, BNP Paribas, HSBC, IMI Intesa-Sanpaolo, and ING; therefore, Barclays is also being the Green Structuring Advisor.
The bonds will be under the GACI First Investment Company’s Euro Medium Term Note Programme and will be guaranteed by the nearly $1 trillion wealth fund.
Saudi PIF issued a 10-year dollar-adjusted bond worth $2 billion on September 8, which was priced at 95bps above the US Treasuries, and it has strong investor demand with orders over $7.5 billion.
