PIF launches a tap issuance on 10-year green bond: The Saudi Public Investment Fund (PIF) has reportedly initiated the additional USD 500 mn worth of green bonds from the 10-year tranche of its maiden green bond sale set to mature in 2032, Reuters reports, citing a bank document seen.

What we know: The green bonds are said to have sold at a spread of approximately 107 basis points above US Treasuries, tightened from initial guidance of 135 basis points. Demand drew USD 3.4 bn in orders.

Part of a wider sale: The fund launched a USD 1.5 bn three-year sukuk sale spread at 75 basis points above US Treasuries bringing USD 7.4 bn in orders. This would be the fourth time in 2024 for the PIF to tap the bond market.

Refresher: PIF’s blockbuster maiden green bond drew in orders of around USD 17.9 bn in a single day back in October 2022. More recently, PIF sold USD 5.5 bn of green bonds in its second issuance last year.

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