Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), has completed the pricing of a US$5 billion bond issuance.
The Reg S international bond will be issued under its euro medium-term note program.
There are three tranches to the issuance – two of $1.75 billion with 5 and 10 year coupons respectively, and a third tranche of $1.5 billion with a 30-year coupon.
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The triple-tranche bind sale generated orders in excess of $27 billion, according to earlier reports.
According to the PIF, the move is in line with its strategy to continually diversify its funding sources.
Head of the sovereign wealth fund’s global capital financial division head, Fahad Al Saif, the issuance also reflects “continued strong demand from international institutional investors” in Mena’s debt markets.