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

Date: October 2023

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

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