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MATURITIES UP TO 10.5 YEARS

IPIC to raise $2.9bn in three-tranche bond

Abu Dhabi, November 27, 2012

International Petroleum Investment Co (IPIC), an investment fund controlled by the Abu Dhabi government, is to raise the equivalent of $2.9 billion through a new three-tranche bond issue, lead arrangers said on Tuesday.

The transaction, which will price later on Tuesday, is split between a $750 million three-year bond and two further portions worth a combined 1.65 billion euros ($2.14 billion) which will have maturities of 5.5 and 10.5 years.

Final price guidance was tightened ahead of the launch, with the dollar-denominated portion to price in the range of 135-140 basis points over midswaps, arranging banks said.

Among the two euro-denominated tranches, the 5.5-year portion will price between 145-150 bps over midswaps and the 10-year piece will price between 195-200 bps over midswaps. – Reuters




Tags: abu dhabi | IPIC | Pricing | Basis points | dollar bond |

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