The Saudi Public Investment Fund authorized several banks to offer unsecured senior bonds for 5 and 15 years.
Informed sources said: Saudi Public Investment Fund He decided to issue bonds in British pounds, as part of his efforts to diversify his sources of income, while raising funds from foreign markets to support economic reform in the Kingdom of Saudi Arabia.
Bloomberg News Agency quoted an informed source as saying that the Saudi Public Investment Fund has authorized several banks to offer unsecured senior bonds for 5 and 15 years.
The Public Investment Fund offers bonds in sterling
An investor conference is scheduled to be held on Monday, after which the bonds will be put up for sale according to market conditions.
This will be the first offering in British pounds by institutions based in the Kingdom of Saudi Arabia since 2020, and the second of its kind for Saudi Arabia ever, according to data collected by Bloomberg.
Issuing bonds worth $7 billion in 2024
It is mentioned that Saudi Public Investment Fund, has sold bonds worth $7 billion since the beginning of this year, and seeks to accelerate the pace of borrowing from international financial markets to benefit from new sources of financing, and to help finance the plans of Saudi Crown Prince Mohammed bin Salman, to diversify the sources of the Saudi economy, and implement…“Saudi Vision 2030”.
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The Saudi government is also seeking to borrow from the international market, as it has borrowed $17 billion from international markets since the beginning of this year, which is more than the borrowing total of any other emerging economy, as it tries to fill the expected deficit in its budget for the current year.
The fund’s debts and credit rating
As of the end of last March, the total debt of the Saudi Public Investment Fund reached about 38.7 billion dollars.
At the same time he ownsbox, cash and non-cash liquidity worth $35 billion, including money market investment funds.
It is noteworthy that Moody’s Investors Service, a credit rating agency, gave the Saudi fund, which manages assets of about one trillion dollars, a rating of “A1” with a positive future outlook, and its rating according to “Fitch” is “A positive”, with a stable future outlook.
