Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has reportedly received over $12 billion in orders for the sale of US dollar-denominated green bonds in three tranches of seven, 12 and 30 years.
The orders exclude the interest from joint lead managers for the debt sale.
The initial price guidance was around 145 basis points (bps) over 3.5% US Treasuries (UST) for the seven-year tranche, around 175 bps over 4.125% UST for the 12-year and around 215 bps over 3% UST for the 30-year bonds, Reuters reported Tuesday, citing fixed income news service IFR.
The issue price was expected later Tuesday, IFR said, adding that each tranche will be at least $500 million.
Goldman Sachs, JPMorgan, and Standard Chartered Bank were hired as global coordinators for the debt sale, IFR added. The deal also includes BofA Securities, BNP Paribas, Citi, First Abu Dhabi Bank, HSBC, and Morgan Stanley as active book-runners, as well as Credit Agricole, GIB Capital, ICBC International Securities, Mizuho, SMBC Nikko and Societe Generale as passive book-runners.
