Saudi Arabia’s sovereign wealth fund hires banks for debut green bonds

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Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds, a document showed on Tuesday.

BNP Paribas, Citi, Deutsche Bank, Goldman Sachs and JPMorgan, mandated as joint global coordinators and active bookrunners, will organize investor calls starting on Tuesday.

A debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. The issuance will be under GACI First Investment Company and guaranteed by PIF.

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“PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations,” the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil.

The fund, which aims to grow its assets under management to more than $1 trillion by 2025, expects to invest over $10 billion by 2026 in eligible green projects, including renewable energy, clean transport and sustainable water management, the presentation said.

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