RIYADH — The Public Investment Fund (PIF) has priced its inaugural sterling bond offering of 650 million pounds (GBP) under its existing Euro MediumTerm Note program. This issuance is part of PIF's strategy to diversify its funding sources. The offering was oversubscribed more than six times, reflecting the continued strong demand from investors and serving as a testament to PIF's strong credit profile and financial stability. The bond offering comprised the following tranches, 300 million GBP (SR1.44 billion), 5-year coupon, and 350 million GBP (SR1.68 billion), 15-year coupon Loans and debt instruments represent one of PIF's four primary sources of funding. The other sources include retained earnings from investments, capital injections from the government, and government assets transferred to PIF. The Fund is rated A1 by Moody's with a positive outlook and A+ by Fitch with a stable outlook.
