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Saudi sovereign investor PIF mandates 3yr, 7yr, 30yr USD issuance

Saudi sovereign investor PIF mandates 3yr, 7yr, 30yr USD issuance

Saudi sovereign investor PIF mandates 3yr, 7yr, 30yr USD issuance

May 07, 2026

The GCC DCM market is rallying again, as Saudi Arabia’s Public Investment Fund returns with a benchmark-sized, three-tranche US dollar issuance across three-, seven- and 30-year maturities.

The mandate is coupled with IPTs, with the three-year issuance in the 130bps area over US Treasuries, the seven-year in the T+135bps area, and the 30-year in the +170bps area.

Citi is the billing and delivery bank on the two shorter tenors, while JP Morgan is the listed name on the 30-year issuance.

Both banks, along with Goldman Sachs International and HSBC are the joint global coordinators on the Regulation S senior unsecured offering, with BNP PARIBAS, BofA Securities, Mizuho, SMBC, Société Générale Corporate & Investment Banking and Standard Chartered Bank named joint active bookrunners.

The expected issue rating on the offering is Aa3 / A+ by Moody’s/Fitch, in line with the sovereign wealth fund’s own rating, which is listed as the guarantor on the offering.

GACI First Investment Company is the issuer of the transaction.

The multi-tranche offering will come under PIF’s Guaranteed Euro Medium Term Note Programme.

A listing on London Stock Exchange’s International Securities Market will follow.

Books open today and FCA / ICMA stabilisation rules apply.