Saudi Arabia’s sovereign wealth fund is planning to sell a debut Islamic dollar bond at a time of elevated tensions in the Middle East.
The Public Investment Fund aims to sell senior unsecured sukuk bonds in five-year and 10-year tranches, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. Investor calls will start on Monday.
It’s the wealth fund’s second debt sale this year, following a $5.5 billion offering of green bonds in February. Those bonds have since come under pressure, with high volatility in the past week amid concerns that a conflict between Israel and Hamas could escalate in the region.
The PIF, which manages over $700 billion in assets, mandated Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc as joint global coordinators of the deal, the person said. A sale will follow, subject to market conditions.
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