PIF prices $1.25 billion international sukuk offering

• The offering is part of PIF’s international sukuk program and was 6.5 times oversubscribed, with participation from a wide range of international institutional investors
• PIF is rated Aa3 by Moody’s and A+ by Fitch, both with stable outlook

PIF today announced the pricing of a $1.25 billion sukuk offering. The proceeds of the dollar-denominated offering will be used for PIF’s general corporate purposes.

The seven-year sukuk was more than 6.5 times oversubscribed, with orders exceeding $9 billion. The Sukuk will be listed on the London Stock Exchange’s International Securities Market as part of PIF’s international sukuk issuance program.

Ahmed Alrobayan, Head of Public Markets, Global Capital Finance, at PIF, said: “The strong investor demand for this new sukuk offering underscores PIF’s robust credit profile, along with its role as a key driver of Saudi Arabia’s economic transformation. The transaction represents a continuation of our established and diversified financing strategy, which draws strong support from international investors.”

PIF’s long-term capital-raising strategy includes a diverse range of instruments, including sukuk and bond programs. Earlier this year, PIF completed its inaugural murabaha credit facility and last August renewed a revolving credit facility.

PIF is rated Aa3 by Moody’s with a stable outlook, and A+ by Fitch, also with a stable outlook.