PIF announces successful pricing of its inaugural GBP bond offering

PIF today successfully priced its inaugural sterling bond offering of 650 million pounds (GBP) under its existing Euro Medium-Term Note program. The issuance is part of PIF’s strategy to continually diversify its funding sources.

The offering was more than six times oversubscribed, and comprised of the following tranches:

1. 300 million GBP (SAR 1.44 billion), 5-year coupon
2. 350 million GBP (SAR 1.68 billion), 15-year coupon

Loans and debt instruments represent one of PIF’s four primary sources of funding. The other sources are retained earnings from investments, capital injections from government and government assets transferred to PIF. PIF is rated A1 by Moody’s with a positive outlook and A+ by Fitch with stable outlook.