Saudi Wealth Fund Sells First Euro Bond Amid Borrowing Push (2)

Saudi Arabia’s Public Investment Fund, through its financing arm Gaci First Investment Co., sold €1.65 billion ($1.9 billion) across two tranches on Tuesday in its first euro-denominated bond offering.

The offering is split between €800 million of three-year notes and €850 million of seven-year notes, according to a person familiar with the matter.

The deal drew strong investor demand as the sovereign wealth fund continues to tap global markets to finance the kingdom’s economic transformation drive. Orders peaked at more than €8.7 billion, with final books totaling over €6.9 billion — including about €3.1 billion for the three-year tranche and ...