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PIF closes its first ever murabaha credit facility: The Public Investment Fund completed a USD 7 bn murabaha credit facility, backed by a syndicate of 20 unnamed international and regional financial institutions, it said in a statement. The statement did not disclose additional information on the tenor of the facility, its rate, or how it will be utilized.
Speaking to PIF’s high creditworthiness: The sovereign wealth fund holds an Aa3 rating from Moody’s, and an A+ rating from Fitch — both with a stable outlook.
The move comes as part of PIF’s “medium-term capital raising strategy,” with the statement highlighting government capital injections and asset transfers, retained earnings from investments, and debt as PIF’s principal sources of funding.
PIF’s announcement came just hours after the government kicked off its first USD-denominated bond sale for the year, attracting investor bids that topped USD 30.5 bn, Bloomberg reports, citing a person familiar with the matter. The yields were priced at 85 basis points over US treasuries for the three-year tranche, 100 basis points for the six-year tranche, and 110 basis points for the 10-year tranche. Citigroup, Goldman Sachs Group, and JPMorgan Chase are the principal financial institutions managing the offering, the business information service said.
ICYMI- The finance ministry approved a SAR 139 bn borrowing plan for FY 2025 on Sunday, intended to bridge an anticipated SAR 101 bn budget deficit penciled in for the new fiscal year. Additionally, the National Debt Management Center (NDMC) secured a USD 2.5 bn (SAR 9.4 bn shariah-compliant revolving credit facility earlier this week to further shore up the state budget, raised from Abu Dhabi Islamic Bank, Credit Agricole SA and Dubai Islamic Bank, according to Bloomberg.
IN OTHER DEBT NEWS-
Nomu-listed Almujtama Alraida Medical Co. lined up a SAR 45 mn loan with Alinma Bank, according to a disclosure to Tadawul. The three-year facility features a SAR 35 mn tranche for goods purchases and a SAR 10 mn tranche for capital expenditures.
