PIF’s bond sale draws up to $29B orders: Report

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) completed a $7 billion dollar bond sale on May 6, drawing about $29 billion in orders, nearly four times the issue size, Al Eqtisadiah reported, citing sources.

The strong demand and deal metrics reflect robust investor confidence in PIF’s credit profile and its recently updated long-term strategy, the sources said.

They added that the $29 billion order book marked the largest-ever Reg S senior unsecured bond offering, underscoring deep global appetite for high-quality, credible credits and strong confidence in Saudi Arabia.

The issuance was tightly priced in line with PIF’s targets, with spreads over sovereign fair value and new issue premiums kept within a narrow range in line with international market conditions, the sources said.

Allocations were made to high-quality accounts, with more than 80% placed with investors outside the Middle East and North Africa region.

The transaction highlights PIF’s resilience in a challenging macroeconomic environment, with the scale and quality of demand reflecting confidence in its credit strength, long-term investment mandate and strategy for 2026–2030, as well as broader confidence in the Kingdom.

The multi-tranche bond comprises maturities of three, seven and 30 years, and will be listed on the London Stock Exchange’s International Securities Market under PIF’s global medium-term note program.