Saudi Arabia's Public Investment Fund has sold 1.65 billion euros ($1.9 billion) of a dual-tranche green bond, fixed-income news service IFR reported on Tuesday.
The fund raised 800 million euros in three-year notes at 58 basis points over mid-swaps and 850 million euros for seven-year notes at 90 bps over the same benchmark after combined orders topped 8.7 billion euros, IFR said.
The indicative price for the three-year note was earlier revised to around 65 bps over mid-swaps from an initial 90-95 bps, while guidance for the seven-year tranche had been lowered to around 95 bps over mid-swaps from 125 bps.
PIF entered the green-debt market in 2022 and has since issued several U.S. dollar-denominated bonds under its Green Finance Framework, published on its website that same year.
According to the framework, proceeds can be allocated to renewable energy, clean transport and sustainable infrastructure projects, including those undertaken by PIF subsidiaries that align with Saudi Arabia’s Vision 2030 program.
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