Reported 4 months ago
Saudi Arabia's sovereign wealth fund is considering issuing a rare sterling-denominated bond to access international debt markets, aiming to diversify funding sources and support the kingdom's economic transformation. The Public Investment Fund has mandated banks for the bond sale with tenors of five and 15 years, marking a move to raise external capital to finance Crown Prince Mohammed bin Salman's economic diversification plan. Saudi Arabia's government and the PIF are both looking to borrow to address fiscal challenges, with the PIF's total indebtedness around $38.7 billion as of March 31. The bond sale would be the first sterling-denominated offering by Saudi entities since 2020 and only the second ever, indicating a significant step in the fund's fundraising efforts.
Source: YAHOO