The Public Investment Fund (PIF) has announced initial pricing indications for its three-tranche US-dollar-denominated bond.
The first, maturing in 2029, suggests a spread of 150 basis points over US Treasuries for its five-year bonds, featuring a par call option exercisable after one month. The second tranche, maturing in 2034, advocates price guidance of 175 bps over US Treasuries for its 10-year bonds, accompanied by a three-month par-call provision. Finally, the third option, maturing in 2054, points towards a spread of 235 bps over the same benchmark for its 30-year option, along with a par call option of six months.
Citi, Goldman Sachs International, and J.P. Morgan are working as joint global coordinators
Citi, Goldman Sachs International, and J.P. Morgan are working as joint global coordinators for the bond offerings, and it is anticipated that the issuance will receive a Fitch rating of A+ in keeping with the agency’s Government-Related Entities Rating Criteria which categorizes PIF as an entity credit-linked to the Saudi government, positioning its ratings with those of the state.
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