DUBAI
Arab Petroleum Investments Corporation (Apicorp) has set the final spread for its planned $500 million five-year sukuk at 100 basis points over mid-swaps, a document issued by one of the banks leading the deal showed on Wednesday.
Initial price guidance for the Islamic bonds, for which orders amounted to more than $3.6 billion, was in the 125 basis points over five-year mid-swaps range earlier on Wednesday.
Headquartered in Saudi Arabia, Apicorp, a development bank, is rated Aa3 by Moody’s. Bank ABC, Crédit Agricole Corporate and Investment Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital and Standard Chartered Bank are the joint lead managers on the deal.
