PIF sets initial price for USD-denominated sukuk: Report

Logo of Public Investment Fund (PIF)

Saudi Arabia’s Public Investment Fund (PIF) set initial price guidance for a US dollar-denominated sukuk with a 10-year tenor, Reuters reported.

According to a document reviewed by the agency, the initial price guidance was set at 120 basis points over US Treasuries.

Citigroup, J.P. Morgan, and Standard Chartered are acting as global coordinators, while Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Bank of China, Dubai Islamic Bank (DIB), Emirates NBD, First Abu Dhabi Bank (FAB), GIB Capital, HSBC, ICBC, Mashreq Bank, and Sharjah Islamic Bank (SIB) have been appointed as joint lead managers and joint bookrunners.

The sukuk issuance is expected to be launched on Wednesday.