PIF’s ‘aggression’ called into question as loan nears close

By Mariam Meskin
28 Aug 2019

Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is close to finalising its second syndicated loan, which is scheduled for September. Margins are slimmer than on the borrower’s debut last year, according to bankers, though some in the market wondered if the fund will push even further on pricing before the deal is done.

The one year bridge loan will close at about $10bn, according to lenders, some of which had initially touted an amount of between $8bn and $11bn for the debt raise.

One Saudi-based banker said: “Compare this loan with its debut last year and it’s unsurprising why margins are so much ...

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