Saudi Arabia's Public Investment Fund set spreads for a three-part benchmark dollar bond on Thursday after drawing more than $21.6 billion in combined demand. The PIF tightened pricing on the three-year tranche to 95 basis points over US Treasuries from initial guidance of around 130 bps, the seven-year tranche to 105 bps from 135 bps and the 30-year tranche to 135 bps from 170 bps, fixed income news service IFR said. Order books stood at more than $7.6 billion for the three-year notes, over $6.8 billion for the seven-year tranche and above $7.2 billion for the 30-year bonds, IFR said. Citi, Goldman Sachs International, HSBC and J.P. Morgan are acting as joint global coordinators. The PIF last tapped debt markets in January, raising $2 billion from a 10-year Islamic bond sale. The fund is central to Saudi Arabia's Vision 2030 program to diversify the economy away from oil.
