UPDATE 2-Saudi Arabia's PIF to raise up to 1.65 billion euros from green bond sale, IFR reports

(Adds price guidance, size) Oct 7 (Reuters) – Saudi Arabia's Public Investment Fund has tightened price guidance on its dual-tranche green bond, which could raise up to 1.65 billion euros after drawing demand of more than five times that amount, fixed-income news service IFR reported on Tuesday. The indicative price for the 3-year note was revised to around 65 basis points over mid-swaps from an initial 90-95 bps over, while guidance for the 7-year tranche was lowered to around 95 bps over mid-swaps from 125 bps. Combined orders for the two tranches topped 9 billion euros, IFR said. Pricing is expected later on Tuesday. PIF entered the green-debt market in 2022 and has since issued several U.S. dollar-denominated bonds under its Green Finance Framework, published on its website that same year. According to the framework, proceeds can be allocated to renewable energy, clean transport and sustainable infrastructure projects, including those undertaken by PIF subsidiaries that align with Saudi Arabia’s Vision 2030 program. (Reporting by Md Manzer Hussain and Shamsuddin Mohd; Editing by Kirsten Donovan and Hugh Lawson)

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