{"id":74131,"date":"2022-09-28T01:54:36","date_gmt":"2022-09-28T01:54:36","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/09\/28\/ksas-first-sovereign-green-bond-issuance-kicks-off\/"},"modified":"2022-09-28T01:54:36","modified_gmt":"2022-09-28T01:54:36","slug":"ksas-first-sovereign-green-bond-issuance-kicks-off","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/09\/28\/ksas-first-sovereign-green-bond-issuance-kicks-off\/","title":{"rendered":"KSA\u2019s first sovereign green bond issuance kicks off"},"content":{"rendered":"

<\/a> KSA\u2019s sovereign wealth fund is moving ahead with its first green bond <\/strong>offering: <\/strong>Saudi Arabia\u2019s Public Investment Fund (PIF<\/a>) has hired banks to coordinate its maiden issuance of multi-tranche, USD-denominated green bonds, according to reports out of Riyadh yesterday. Advisers on the bond sale have already started making calls to investors.<\/p>\n

What we know of the planned issuance: <\/strong>The green bonds will be issued in five-year and ten-year tranches, and could potentially issue tranches of longer tenors, depending on market conditions, Reuters<\/a> noted. The issuer will be GACI First Investment Company \u2014 a PIF-owned<\/a> special purpose vehicle set up in the Cayman Islands \u2014 and guaranteed by PIF.<\/p>\n

What we don\u2019t know: How big is the sale? <\/strong>Reuters noted<\/a> earlier this month that PIF was planning an offering in the USD bns.<\/p>\n

Advisers<\/strong>:<\/strong> BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs and JPMorgan are joint global coordinators and bookrunners, while HSBC, Credit Agricole, First Abu Dhabi Bank, Mizuho, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered are also bookrunners, Reuters and Bloomberg note.<\/p>\n

Where\u2019s the money going? <\/strong>PIF \u201cwill use proceeds from the bond sale to finance, refinance or invest in one or more green projects like renewable energy,\u201d Bloomberg reported<\/a> yesterday, citing information given in the bond prospectus.<\/p>\n

PIF released a green financing framework (<\/strong>pdf<\/a><\/strong>) back in February<\/strong>, saying that the projects it plans to fund with the proceeds from the issuance, include renewable energy projects, green building initiatives, and clean transport projects. PIF is also working with BlackRock on developing an ESG framework, according to Bloomberg.<\/p>\n

PIF \u201chas been monitoring the market for months to find \u2018a window\u2019<\/strong> in which to pull the trigger on the issuance,\u201d Reuters reported earlier this month.<\/p>\n

It follows ADCB\u2019s first-ever issuance of USD 500 mn in early September: <\/strong>Abu Dhabi Commercial Bank (ADCB) raised USD 500 mn in its maiden green bond issuance, we reported earlier this month<\/a>. The issuance was 3.8x oversubscribed, drawing over USD 1.9 bn in orders from a mix of regional and international investors, with \u201ca very strong following from European accounts.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

KSA\u2019s sovereign wealth fund is moving ahead with its first green bond offering: Saudi Arabia\u2019s Public Investment Fund (PIF) has hired banks to coordinate its maiden issuance of multi-tranche, USD-denominated green bonds, according to reports out of Riyadh yesterday. Advisers on the bond sale have already started making calls to investors. What we know of […]<\/p>\n","protected":false},"author":1,"featured_media":74132,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[443],"tags":[266,531,11,949,164,293],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-finance","tag-adcb","tag-climate-finance","tag-enterpriseclimate","tag-gaci-first-investment-company","tag-green-finance","tag-pif","wpautop","entry"],"acf":{"mongo_id":"a235d315-d880-4303-a953-6de001852759","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/185.jpg","photo_position":"above","related_issue":[74127],"teaser":"","voice_url":""},"yoast_head":"\nKSA\u2019s first sovereign green bond issuance kicks off - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/09\/28\/ksas-first-sovereign-green-bond-issuance-kicks-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KSA\u2019s first sovereign green bond issuance kicks off\" \/>\n<meta property=\"og:description\" content=\"KSA\u2019s sovereign wealth fund is moving ahead with its first green bond offering: Saudi Arabia\u2019s Public Investment Fund (PIF) has hired banks to coordinate its maiden issuance of multi-tranche, USD-denominated green bonds, according to reports out of Riyadh yesterday. 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