APICORP raises additional $250m from existing bonds
The Arab Petroleum Investments Corporation (APICORP) has raised $250 million through the reopening of existing bonds.
Sold at 90 basis points over mid-swaps — the lowest ever for an APICORP bond issuance — the transaction is a retap of a benchmark $750 million dollar-denominated five-year bond issuance in the RegS markets in June 2020, and is part of APICORP’s $3 billion Global Medium-Term Note program.
Saudi Arabia-based multilateral development financial institution APICORP mandated China Construction Bank, Credit Agricole CIB, Emirates NBD Capital, Goldman Sachs International and J.P. Morgan as Joint Lead Managers and Bookrunners.
The retap attracted robust and diverse investor demand, with more than 40% of investors coming from outside of the MENA region and about 56% from central banks and other sovereigns, supranationals and agencies investors.
