Saudi wealth fund PIF offers indicative pricing for 10-year Islamic bonds, orders exceed $7 billion
DUBAI/BANGALORE Jan 21 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is returning to the debt markets for the first time this year with dollar-denominated 10-year Islamic bonds, or sukuk, according to a bank document reviewed by Reuters on Wednesday.
The indicative price for the benchmark-sized issue was set at about 120 basis points over U.S. Treasuries, it showed, with investors placing orders exceeding $7 billion for the sukuk.
The nearly $1 trillion PIF is leading Saudi Arabia’s drive to diversify its economy away from hydrocarbon revenues with investment in sectors such as tourism, logistics and mining.
Fitch Ratings said on Wednesday it expects Gulf Cooperation Council (GCC) countries, including Saudi Arabia, to remain among the largest emerging‑market U.S. dollar debt and sukuk issuers in 2026 “despite global and regional shocks.”
It forecast GCC debt capital markets to exceed $1.25 trillion this year, driven by diversification plans, refinancing needs, funding deficits and project pipelines.
Saudi borrowers got off to a strong start in 2026 with around $20 billion in issuances, including a $11.5 billion four-part bond and issuances by corporates such as Riyad Bank 1010.SE and telecoms group STC 7010.SE.
The PIF bonds are expected to launch on Wednesday, with Citi, JPMorgan and Standard Chartered as global coordinators.
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