Saudi Arabia’s Public Investment Fund (PIF) has introduced its first-ever commercial paper (CP) program, offering a new short-term funding tool to diversify its capital base and strengthen liquidity management.
Commercial papers are widely used debt instruments that allow faster access to funds than traditional loans. PIF’s new CP program includes US and Euro sub-programs and will be issued via offshore special-purpose vehicles — CPDE Investment Co. and CPNL Investment Limited — with top-tier credit ratings of Prime-1 (Moody’s) and F1+ (Fitch).
“The CP program reflects the strength and adaptability of our capital raising strategy,” said Fahad Al-Saif, PIF’s Head of Global Capital Finance. “It aligns our funding with long-term investment priorities.”
The program supports short-term debt maturities — up to 397 days (USCP) and 364 days (ECP) — with proceeds earmarked for general corporate purposes.
This move builds on PIF’s track record of financial innovation, including the world’s first sovereign green bond in 2022 and a $3.5B sukuk in 2023. Backed by SR106 billion ($28B) in cash and undrawn credit, Moody’s noted PIF’s “excellent liquidity profile.”
As the cornerstone of Vision 2030, PIF has launched 103 companies since 2017, accelerating Saudi Arabia’s economic transformation.