Ciaran Bohnacker
Partner
Dubai
Our Dubai-based team has acted as Cayman Islands legal counsel in connection with the successful US$7 billion three-tranche bond issuance by Saudi Arabia’s Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds, issued through GACI First Investment Company, a Cayman Islands incorporated vehicle.
The issuance comprised:
- US$2.75 billion three-year notes;
- US$1.75 billion seven-year notes; and
- US$2.5 billion 30-year notes,
issued under PIF’s guaranteed Euro Medium Term Note programme.
The transaction attracted strong investor demand, with the orderbook peaking at approximately US$23.8 billion. Final pricing tightened across all tranches. The notes are listed on the London Stock Exchange’s International Securities Market, with the transaction arranged by a syndicate of leading international banks, including Citi, Goldman Sachs International, HSBC and J.P. Morgan, acting as joint global coordinators and bookrunners.
GACI First Investment Company is a repeat issuer in the international capital markets and was recently recognised in connection with prior issuances, including awards for Sustainable Bond Deal of the Year and Quasi-Sovereign / GRE Bond Deal of the Year at the Global Banking & Markets Middle East Awards 2026 and Bond Deal of the Year at the 2025 Global Banking & Markets Awards for its US$5 billion Sukuk issuance.
We act as Cayman Islands legal counsel to GACI First Investment Company and PIF in relation to its Euro Medium Term Note programme, advising on Cayman Islands law aspects of the transaction, including all related Cayman Islands documentation. Our team was led by partner Ciaran Bohnacker and senior associate Szymon Durlo, who worked closely alongside counsel at Latham & Watkins.
Commenting on the transaction, Ciaran Bohnacker said: 'We are pleased to have supported PIF on this significant issuance and to continue to support PIF and its affiliated entities on the wide variety of Cayman Islands legal matters in the region and globally.'
Szymon Durlo added: 'This transaction further reinforces PIF’s position as a leading issuer in the international debt capital markets and highlights the continued strength of regional issuers accessing global liquidity in support of long-term strategic objectives.'
To find out how we can support you with cross-border finance solutions, get in touch with our team.
