PIF gets over $12 bln orders from dual-tranche sukuk: Report

18/10/2023 Argaam

PIF gets over $12 bln orders from dual-tranche sukuk: Report

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The Public Investment Fund (PIF) received more than $12 billion in orders for a sale of the dual tranche sukuk, Reuters reported, citing a bank document.

 

The orders exclude interest from joint lead managers for the sale.

 

The sovereign wealth fund determined initial price guidance of 150 basis points (bps) over US Treasuries for its five-year Islamic bonds and 170 bps over the same benchmark for its 10-year sukuk.

 

An issuance of benchmark-sized dollar-denominated sukuk was expected to follow, the document said.

 

According to data available on Argaam, Saudi Arabia's sovereign wealth fund mandated banks to arrange a bond sale, Reuters reported.

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