黑料社区鈥檚 Public Investment Fund has announced the establishment of its commercial paper program, adding a new source of funding to its existing instruments.
The program, which allows CP issuance through offshore special purpose vehicles, comprises two sub-programs, a US CP program and a Euro CP program. The program is rated P-1 by Moody鈥檚 and F1+ by Fitch, the highest possible ratings for such an initiative.
CP issuances enhance PIF鈥檚 short-term financing flexibility and complement its long-term capital raising efforts. CP is a common cash management tool in global financial markets, and the establishment of this program by PIF reflects its agile capital raising strategy.
Fahad AlSaif, PIF鈥檚 head of global capital finance and investment strategy and economic insights, said: 鈥淭he establishment of our CP program reflects the continued strength and depth of PIF鈥檚 capital raising strategy, one that is dynamic, resilient, and fit for purpose, aligning funding solutions with our long-term investment priorities.鈥
PIF鈥檚 medium-term capital-raising strategy is built on diversified funding solutions that include a range of instruments, such as bonds, sukuk and loans. In October 2022, PIF became the first sovereign wealth fund globally to issue a green bond including the world鈥檚 first century green bond. This was later followed by PIF鈥檚 inaugural sukuk issuance priced at $3.5 billion. PIF is rated Aa3 by Moody鈥檚 with a stable outlook, and A+ by Fitch, also with a stable outlook.
PIF is one of the world鈥檚 most impactful investors, enabling the creation of key sectors and opportunities that help shape the global economy, while driving the economic transformation of 黑料社区.