Apicorp issues debut 630 million yuan bonds

Dubai:

The Arab Petroleum Investments Corporation (APICORP) said it priced its inaugural benchmark-sized 630 million Chinese Renminbi (Dh366 million) Dim Sum bond offered an annual coupon of 4.7 per cent for a 3-year fixed rate maturing in 2021.

This is the first ever Dim Sum bond issuance by a supranational issuer from the Africa and Middle East region and marks the first time APICORP has accessed this fast-growing market, Apicorp said in a statement.

The transaction attracted strong interest from several high-quality Asian investors, enabling APICORP to meets its diversification, issue size and pricing objectives.

Standard Chartered Bank acted as sole lead manager and bookrunner for the transaction, which is listed on the Irish Stock Exchange and rated by Moody’s Investor Services.