Photographer: Simon Dawson/Bloomberg

Saudi Arabia’s sovereign wealth fund, The Public Investment Fund, expects to raise 650 million pounds ($829.53 million) from the sale of a dual-tranche bond, fixed income news service IFR reported on Tuesday.

PIF, which manages more than $700 billion in assets, has set the spread on the 5-year note tranche at 115 basis points (bps) over UK gilts, and at 125 bps over for the 15-year tranche, IFR said.

The deal attracted more than 3.4 billion pounds of demand, with pricing and allocation expected later on Tuesday, IFR added.

Reuters