Saudi Arabia's Wealth Fund PIF Joins EM Rush to Tap Dollar Bond Market - Bloomberg
Saudi Arabia’s sovereign wealth fund is the latest borrower to benefit from investors’ demand for emerging-market debt, amassing over $27 billion of demand for its deal.
The Public Investment Fund is selling five-year, 10-year and 30-year senior unsecured bonds in benchmark sizes in US dollars, according to a person familiar with the matter. Combined orderbooks were above $27 billion, excluding joint lead managers’ interest, on Monday, said the person, who asked not to be identified because they’re not authorized to speak about it.
The PIF, which manages over $700 billion in assets, is following a spree of bond sales last week, including from Mexico and Hungary. The Kingdom of Saudi Arabia itself also borrowed $12 billion earlier this month, as investors seek to grab debt at high yields before global central banks are expected to lower interest rates later this year.
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