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IFR reports that Saudi Arabia's PIF raised 1.65 billion Euros from the sale of green bonds

IFR, a fixed-income news service, reported that Saudi Arabia's Public Investment Fund sold 1,65 billion euros ($1.9billion) of a green dual-tranche bond on Tuesday.

IFR reported that the fund had raised 800 millions euros in notes of three years at 58 basis point over mid-swaps, and 850 millions euros for notes of seven years at 90 basis points over the same benchmark.

The indicative price of the three-year bond was revised earlier to 65 bps above mid-swaps, from an initial 90 to 95 bps. Meanwhile, the guidance for the seven year tranche was lowered from 125 to 95 bps.

PIF entered the green debt market in 2022. Since then, it has issued several U.S. Dollar-denominated Bonds under its Green Finance Framework.

The framework allows for proceeds to be allocated to projects that promote renewable energy, clean transportation and sustainable infrastructure, including those undertaken in Saudi Arabia by PIF subsidiary companies aligned with Vision 2030.

(source: Reuters)