Best sukuk deal – global: PIF’s $3.5 billion inaugural sukuk
Euromoney Limited, Registered in England & Wales, Company number 15236090
4 Bouverie Street, London, EC4Y 8AX
Copyright © Euromoney Limited 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Best sukuk deal – global: PIF’s $3.5 billion inaugural sukuk

Date: October 2023

Issuer: SUCI Second Investment Company

Guarantor: Public Investment Fund

Size: $3.5 billion

Structure: Al-wakala

Tenor: Five-year; 10-year

Banks: Citi, HSBC, JPMorgan, Standard Chartered (global coordinators); Al Rajhi Capital, BofA Securities, Crédit Agricole CIB, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, Mizuho, SNB Capital (active joint bookrunners); Abu Dhabi Commercial Bank, Albilad Capital, Alinma Investment, Aljazira Capital, Bank of China, BNP Paribas, MUFG and SMBC Nikko (passive joint bookrunners)


Among many high-profile debuts last year, the $3.5 billion dual tranche sukuk from Saudi Arabia’s sovereign wealth fund was the deal that most captured the market’s attention.

This was as much to do with the $925 billion Public Investment Fund’s (PIF) size and scale – such that it is a priority client for global investment banks and institutional investors – as it was the significance of it raising international sukuk financing for the first time.

Such a profile is powerful on the global capital markets, and when combined with structural innovation, transactions like this tend to fly.

Gift this article