Saudi PIF, BSF, DP World Bring New Sales in Gulf Sukuk Surge
The Public Investment Fund booth at the Future Investment Initiative conference in 2022.
Photographer: Tasneem Alsultan/BloombergMiddle Eastern borrowers flooded the primary market with dollar-bond sales Wednesday, marking one of the busiest days for regional credit and Islamic debt this year as they look to take advantage of better market conditions.
Saudi Arabia’s sovereign wealth fund, known as PIF, sold $1.25 billion of seven-year Islamic debt at 110 basis points over Treasuries, about 35 basis points tighter than initially indicated, according to people familiar with the matter who asked not to be identified. Book orders were in excess of $8.2 billion, the people said.