Published 07 Sep,2021 via Arab News - Economy - JEDDAH - Saudi Arabia’s Public Investment Fund, has hired five banks to be members of an environmental, social and governance panel for its medium-term capital-raising strategy, International Financing Review reported on Monday.
The selected banks are Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and Standard Chartered.
Sources told Reuters in July that PIF sent banks a request for proposals to advise the investment fund’s global capital finance division on an ESG framework for public market capital raising.
PIF’s development of an ESG framework was likely a precursor for a multibillion-dollar debut bond sale, Reuters reported.
This would be the Saudi wealth fund’s first. This may take place in the fourth quarter. Once an ESG framework is developed, PIF may need credit ratings and an audit of its finance before it can issue bonds.
PIF declined to comment.
Meanwhile, the Kingdom's Ministry of Finance has appointed HSBC and JP Morgan as joint structuring agents for its sustainability financing framework, according to IFR.
Copyright © Saudi Research & Publishing Co. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)
DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.