International Petroleum Investment Company (IPIC), the flagship hydrocarbon development company of Abu Dhabi, has been named the 'Best Borrower in the Middle East' - in the Euroweek Bonds Awards Ceremony 2011.

IPIC received the award for its 2010 $2.5 billion debut debt capital market issuance at the awards ceremony held recently in London.

Adjudicated on both qualitative and quantitative criteria by industry professionals, the Euroweek award is a defining standard for both deal and issuer excellence in the financial industry.

“This award illustrates both the professional capacity and the credit worthiness of IPIC in the international capital markets,” said Khadem Al Qubaisi, IPIC’s managing director.

IPIC’s inaugural issuance garnered global interest from quality accounts amassing order books in excess of $10.5 billion, a 4.3x oversubscription.

Earlier in the year, IPIC also successfully priced notes of 3 billion euro and 550 million sterling respectively to support IPIC’s voluntary takeover offer for the acquisition of those shares in Compañía Española de Petróleos, (Cepsa) not already owned by IPIC.-TradeArabia News Service