With $3 billion, the Saudi sovereign is offering the first green international bonds

With $3 billion, the Saudi sovereign is offering the first green international bonds The Public Investment Fund, the "Saudi Sovereign", launched its first international green bond, worth $3 billion (11.25 billion riyals), with the aim of financing or refinancing the fund's green investments, particularly renewable energy, sustainable management of water resources and others.  The Public Investment Fund, "the Saudi sovereign," announced, Thursday, the completion of the issuance of its first international green bonds, worth $3 billion (11.25 billion riyals).  According to a statement by the fund, the offering aims to finance or refinance the fund's green investments, particularly renewable energy, sustainable management of water resources, pollution control, green buildings and transportation.  The total number of subscription requests exceeded 24 billion dollars (90 billion riyals), and the coverage ratio exceeded 8 times the total issuance.  The issuance was divided into 3 segments, the first with a value of $1.25 billion (4.69 billion riyals) for 5-year bonds, and the second with a value of $1.25 billion (4.69 billion riyals) for 10-year bonds.  The third tranche is worth $500 million (1.88 billion riyals) for 100-year bonds.  The fund, whose board is chaired by Crown Prince Mohammed bin Salman, has taken an increasingly prominent role in global markets since it received $40 billion from the kingdom's reserves in early 2020, when the coronavirus pandemic caused stocks to plummet.  Data from the Sovereign Wealth Institute "swfinstitute" indicate that the fund's ranking has advanced to the sixth place among the largest sovereign funds in the world, with assets of $607 billion.  The fund seeks to double its assets to $1.1 trillion by 2025 and $2.7 trillion in 2030.  Saudi Vision 2030 relies on the fund to diversify its sources of income through its investments locally and abroad to get rid of dependence on oil as a major source of revenue.

The Public Investment Fund, the "Saudi Sovereign", launched its first international green bond, worth $3 billion (11.25 billion riyals), with the aim of financing or refinancing the fund's green investments, particularly renewable energy, sustainable management of water resources and others.

The Public Investment Fund, "the Saudi sovereign," announced, Thursday, the completion of the issuance of its first international green bonds, worth $3 billion (11.25 billion riyals).

According to a statement by the fund, the offering aims to finance or refinance the fund's green investments, particularly renewable energy, sustainable management of water resources, pollution control, green buildings and transportation.

The total number of subscription requests exceeded 24 billion dollars (90 billion riyals), and the coverage ratio exceeded 8 times the total issuance.

The issuance was divided into 3 segments, the first with a value of $1.25 billion (4.69 billion riyals) for 5-year bonds, and the second with a value of $1.25 billion (4.69 billion riyals) for 10-year bonds.

The third tranche is worth $500 million (1.88 billion riyals) for 100-year bonds.

The fund, whose board is chaired by Crown Prince Mohammed bin Salman, has taken an increasingly prominent role in global markets since it received $40 billion from the kingdom's reserves in early 2020, when the coronavirus pandemic caused stocks to plummet.

Data from the Sovereign Wealth Institute "swfinstitute" indicate that the fund's ranking has advanced to the sixth place among the largest sovereign funds in the world, with assets of $607 billion.

The fund seeks to double its assets to $1.1 trillion by 2025 and $2.7 trillion in 2030.

Saudi Vision 2030 relies on the fund to diversify its sources of income through its investments locally and abroad to get rid of dependence on oil as a major source of revenue.
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