Arab Petroleum Investments Corporation (Apicorp), a Saudi-based multilateral bank owned by the Arab states, has set the final price guidance for a planned $500 million sukuk at 110 basis points over mid-swaps, said a report.

The Islamic bond is expected to price within a range of 5 basis points below or above that figure, reported Reuters iting a document from one of the banks leading the deal.

Orders for the bonds were in excess of $2.3 billion, but the size of the deal has been set at $500 million, stated the report.

Apicorp has hired Bank ABC, Crédit Agricole Corporate and Investment Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital and Standard Chartered Bank to lead manage the deal, it added.