Saudi Arabia Wealth Fund (PIF) Eyes Sterling Bond Sale to Aid Cash Quest - Bloomberg
Saudi Arabia’s sovereign wealth fund is looking to tap international debt markets for a sterling-denominated bond sale as it seeks to diversify its funding sources and raise external capital to back the kingdom’s economic overhaul.
The Public Investment Fund has mandated banks for an offering of senior unsecured notes with tenors of five and 15 years, according to a person familiar with the matter, who asked not to be identified.
Investor calls will be held Monday and be followed by a sale, subject to market conditions. Such a sale would be the first sterling-denominated offering by entities based in Saudi Arabia since 2020 and only the second ever, according to data compiled by Bloomberg.
The PIF has raised $7 billion across bond sales so far this year and is looking to accelerate its borrowing as it hunts for new sources of cash to help pay for Crown Prince Mohammed bin Salman’s multi-trillion dollar plan to diversify the economy.
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