APICORP announces pricing of $750m 5-year bond

Dubai:

The Arab Petroleum Investments Corporation (APICORP), the multilateral development bank focused on the energy sector, announced the pricing of a $750 million (Dh2.75 billion) 5-year bonds.

The dollar transaction was issued under APICORP’s newly-established $3 billion Global Medium Term Note (GMTN) programme, to provide the company with maximum flexibility in accessing capital markets and further strengthen its financial position.

APICORP was the first corporate to issue in the MENA bond and sukuk market since mid-May 2018. The oversubscribed order book, which exceeded $3.5 billion, sent a clear signal to the market on investor appetite and paved the way for other regional issuers to follow. This marks a significant step for APICORP in implementing a diversified funding strategy that will enable it to fulfil its developmental mandate in support of the growth and transformation of the energy sector in the Arab world.