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Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds.
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PIF in February announced a green finance framework that showed net proceeds from a debt sale would go towards eligible projects, including renewable energy, clean transport and green buildings.
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BNP Paribas, Citi, Deutsche Bank, Goldman Sachs and JPMorgan, mandated as joint global coordinators and active book-runners, will organise investor calls starting on Tuesday. A debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. The issuance will be under GACI First Investment Company and guaranteed by PIF.