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Asset Backed Securities
Financials
Diversified Capital Markets
Parent Companies
Public Investment Fund (PIF)
GACI First Investment Co
GACI First Investment Co (PIFKSA)
Deal Details
C/P
Industry
Status
Ticker(s)
Issuer(s)
Size(m)
Tranches
Region
Date
IGC
FNCL
PRCD
PIFKSA
GACI First Investment Co
$7,000
3
EMEA
May 7, 2026
Tranche #1
GACI First Investment Co
BBG0225C7LC4
currency
USD
size (m)
2,750.000
maturity
May 14, 2029
type
Fixed
tenor
3.000
call
-
registration
Reg S Only
benchmark
3yr Tsy
ranking
Sr. Unsecured
moody's
Aa3
s&p
-
fitch
A+
size description
-
re-open/tap
No
ipt
T+130 area
ipt-pxd
-35
guidance
n/a - straight to launch
spread
95
coupon
4.875%
spread set
-
price
99.95300
yield
4.892%
book size (m)
8,800
peak book (m)
-
x-covered
3.2
book attrition
-
nic
-
billing & delivering
CTI
active leads
BAM
,
BNP
,
CTI
,
GSC
,
...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
8,800
peak book (m)
-
x-covered
3.2
book attrition
-
nic
-
billing & delivering
CTI
active leads
BAM
,
BNP
,
CTI
,
GSC
,
...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche #2
GACI First Investment Co
BBG0225C7LB5
currency
USD
size (m)
1,750.000
maturity
May 14, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
7yr Tsy
ranking
Sr. Unsecured
moody's
Aa3
s&p
-
fitch
A+
size description
-
re-open/tap
No
ipt
T+135 area
ipt-pxd
-30
guidance
n/a - straight to launch
spread
105
coupon
5.25%
spread set
-
price
99.89000
yield
5.269%
book size (m)
7,600
peak book (m)
-
x-covered
4.34
book attrition
-
nic
-
billing & delivering
CTI
active leads
BAM
,
BNP
,
CTI
,
GSC
,
...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
7,600
peak book (m)
-
x-covered
4.34
book attrition
-
nic
-
billing & delivering
CTI
active leads
BAM
,
BNP
,
CTI
,
GSC
,
...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche #3
GACI First Investment Co
BBG0225C7M50
currency
USD
size (m)
2,500.000
maturity
May 14, 2056
type
Fixed
tenor
30.000
call
-
registration
Reg S Only
benchmark
30yr Tsy
ranking
Sr. Unsecured
moody's
Aa3
s&p
-
fitch
A+
size description
-
re-open/tap
No
ipt
T+170 area
ipt-pxd
-35
guidance
n/a - straight to launch
spread
135
coupon
6.25%
spread set
-
price
98.89100
yield
6.333%
book size (m)
8,100
peak book (m)
-
x-covered
3.24
book attrition
-
nic
-
billing & delivering
JPM
active leads
BAM
,
BNP
,
CTI
,
GSC
,
...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
8,100
peak book (m)
-
x-covered
3.24
book attrition
-
nic
-
billing & delivering
JPM
active leads
BAM
,
BNP
,
CTI
,
GSC
,
...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 8800; Registration: Reg S Only; Comments: T 3 7/8 15-Apr-29 @ 99-26 / 3.942% / HR 100%. LEI: 558600TU1PWGNLZ3XM88; Book size: 7600; Registration: Reg S Only; Comments: T 4 1/8 30-Apr-33 @ 99-14 / 4.219% / HR 97%. LEI: 558600TU1PWGNLZ3XM88; Book size: 8100; Registration: Reg S Only; Comments: T 4 5/8 15-Nov-55 @ 94-16 / 4.983% / HR 90%. LEI: 558600TU1PWGNLZ3XM88;
Deal Comments
Total book size USD 14bn. UPDATE 3y: Spread Set at T+95#; 7y: Spread Set at T+105#; 30y: Spread Set at T+135#
Guarantor(s)
Public Investment Fund
Use of Proceeds
General Corporate Purposes
Hide Details
Commentary
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Commentary & Deal Flow
Deal Flow
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PRICED: GACI First Investment Company US$7bn 3yr & 7yr & 30yr Sr Unsec; T+95bp & T+105bp & T+135bp
May 7, 2026
LAUNCHED: GACI First Investment Company US$7bn 3yr & 7yr & 30yr Sr Unsec; T+95bp & T+105bp & T+135bp
May 7, 2026
UPDATE: GACI First Investment Company US$ bmk 3yr, 7yr & 30yr Sr Unsec; Spread set at T+95bp, T+105bp & T+135bp
May 7, 2026
UPDATE (BOOKS): GACI First Investment Company US$ bmk 3yr, 7yr & 30yr Sr Unsec; T+130a, T+135a & T+170a
May 7, 2026
NEW ISSUE: GACI First Investment Company US$ bmk 3yr, 7yr & 30yr Sr Unsec; T+130a, T+135a & T+170a
May 7, 2026
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