Saudi Arabia's Public Investment Fund is seeking to issue dollar-denominated sukuk, about a month after raising $5 billion from a bond offering.
The kingdom's sovereign wealth fund has appointed Goldman Sachs, HSBC and Standard Chartered as global coordinators for the offering and to conduct consultations with interested investors starting Monday.
The planned offering includes seven-year dollar-denominated sukuk, according to Bloomberg data. The fund’s last sukuk issuance was in October, followed by a green bond offering in February 2023.
Al Rajhi Capital, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan and KFH Capital Investment were appointed as bookrunners, while Bank of America Securities, Bank of China, BNP Paribas, Credit Agricole CIB, ICBC International Securities (Ltd), Mashreq Bank, Sharjah Islamic Bank, Al Ahli Capital and Societe Generale were appointed as passive bookrunners.
The most active sovereign wealth funds in the world
The Public Investment Fund is a key part of Saudi Crown Prince Mohammed bin Salman’s efforts to diversify the Saudi economy away from oil. The fund plans to invest hundreds of billions of dollars in the coming years in everything from electric cars to semiconductors, resorts and sports.
The fund, chaired by the crown prince, was the world’s most active sovereign wealth fund in 2023, according to research consultancy Global SWF, pumping about $32 billion into a number of deals.
