«PIF» يؤسس برنامجه الأول للأوراق التجارية

The Public Investment Fund (PIF) announced today the establishment of a global commercial paper program, noting that this step adds a new financing tool to the fund's existing financing instruments.

The program will allow the issuance of commercial papers through special purpose companies outside the Kingdom, and it consists of two sub-programs: the U.S. commercial paper program and the European commercial paper program.

The PIF commercial paper program has received the highest credit rating in its category at "P-1" from Moody's credit rating agency, and "F1+" from Fitch credit rating agency.

The program supports the fund's short-term financing flexibility and integrates with the fund's long-term financing efforts.

Commercial papers are widely recognized as a tool for managing liquidity in international money markets.

The program is an extension of the fund's financing strategy, which aligns with its needs and supports the alignment of financing solutions with its long-term investment priorities, according to the Public Investment Fund.

The PIF's medium-term financing strategy includes a variety of financing instruments, including sukuk, bonds, and loans.

The fund issued its first green bonds in October 2022, marking the first green bonds issued by global sovereign wealth funds, including green bonds maturing in 100 years for the first time. Later, the fund announced the completion of pricing its first international sukuk issuance, with a total offering price of 3.5 billion US dollars.

The fund holds a credit rating of "Aa3" with a stable outlook from the global credit rating agency Moody's, as well as a rating of "A+" from Fitch with a stable outlook.