Logo of Public Investment Fund (PIF)
The Public Investment Fund (PIF) started receiving offers today, June 4, for dual-tranche sterling-denominated bonds, Reuters reported, citing fixed income news service International Financing Review (IFR).
The agency added that the indicative pricing was set at 135 basis points above UK government bonds for the five-year tranche and 145 basis points above UK government bonds for the 15-year tranche.
It also noted that the bond issuance, expected to be priced later today, will be in a benchmark size, typically not less than $500 million.
On June 3, Reuters reported that the PIF has mandated Barclays, BNP Paribas, HSBC, and JPMorgan to arrange investor meetings for the issuance of the dual-tranche sterling-denominated bonds, according to data compiled by Argaam.
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