Saudi Arabia’s wealth fund hires banks for debut green bonds DUBAI: 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 U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October. BNP Paribas, Citi, Deutsche Bank, Goldman Sachs and JPMorgan, mandated as joint global coordinators and active bookrunners, 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. PIF has $608 billion in assets under management, according to an investor presentation seen by Reuters, not including the February transfer of a 4% stake in oil giant Aramco to the fund. “PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations,” the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil.