Sale of Saudi green bonds started

RIYADH: Saudi Arabia has started selling initial green bonds.

According to Al Arabiya News, the Saudi Public Investment Fund (PIF) has begun taking orders for the sale of its first green bonds, expected to raise billions of dollars.

According to the bank document, $500 million in 100-year notes will be sold at a yield of 6.7 percent, $1.25 billion in five-year bonds at 125 basis points (bps) on U.S. Treasuries and $1.25 billion in 10-year paper at USTs. Launched at 165 bps.

According to the bank document, the fixed rate of return for the five and 10-year paper was preserved by 25 bps per cent, while the 100-year tranche was indicated in the 7-7.25 per cent area.

The document said its accounts had been opened and the deal was expected to close as early as Wednesday, with sources previously saying the deal was expected to raise billions of dollars.

It should be noted that Saudi Arabia’s public investment fund manages more than $600 billion in assets. It is central to Vision 2030 presented by Saudi Crown Prince Mohammed bin Salman.

Under this broader economic reforms to gradually reduce Saudi Arabia’s dependence on oil revenues, the fund aims to increase its assets to more than $10 trillion by 2025.

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