PIF completes pricing of $2 billion international sukuk offering

• This offering is part of PIF’s international sukuk issuance program and an element of PIF’s capital raising strategy: one of its four sources of funding
• The offering was eight times oversubscribed with participation from a wide range of international institutional investors
• PIF is rated A1 by Moody’s with a positive outlook and A+ by Fitch with a stable outlook.

The Public Investment Fund (PIF) has announced the pricing of its latest dollar-denominated international trust certificate (sukuk) offering. The total amount of the offering is $2 billion. Proceeds will be used for PIF’s general corporate purposes.

The seven-year sukuk was more than eight times oversubscribed, with orders exceeding $16 billion. The sukuk will be listed on the London Stock Exchange plc’s International Securities Market (ISM) as part of PIF’s international sukuk issuance program.

The strong investor demand underlines the success of PIF’s capital raising strategy and recognizes its role as a key driver of Saudi Arabia’s economic transformation. PIF is rated A1 by Moody’s with a positive outlook and A+ by Fitch with a stable outlook.

This offering signifies PIF’s continued commitment to its diversified sources of funding, which include loans and debt instruments, earnings from investments, capital injections from government and government assets transferred to PIF.

In October 2023, PIF issued its first dollar-denominated international sukuk which was also listed on the ISM. The total amount of that transaction was $3.5 billion, and consisted of two tranches.