Saudi Arabia’s PIF wealth fund hires banks for debut sukuk – document
The $778bln Public Investment Fund mandated Citi, HSBC, JPMorgan and Standard Chartered Bank as global joint coordinators to organise a series of investor calls starting on Monday
The $778 billion Public Investment Fund (PIF) mandated Citi, HSBC, JPMorgan and Standard Chartered Bank as global joint coordinators to organise a series of investor calls starting on Monday.
A dual tranche of 5- and 10-year tenor senior sukuk, or Islamic bonds, will follow, the document showed. The sale is subject to market conditions.
The issue would be PIF’s second this year after it raised $5.5 billion from green bonds in February.
PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, to drive an economic agenda aimed at cutting reliance on oil.
The wealth fund has raised tens of billions, including a $17 billion loan in November, to fund a mammoth investment programme to create new industries and jobs, including building a planned futuristic city in the desert known as NEOM.
(Reporting by Shamsuddin Mohd; editing by Jason Neely, Kirsten Donovan)
