APICORP’s latest benchmark $750m bond achieves lowest-ever spread
The Arab Petroleum Investments Corporation (APICORP) has issued a benchmark $750 million dollar-denominated five-year bond aimed at further bolstering the multilateral development financial institution’s business operations and capital and liquidity positions.
The Global Coordinators, Joint Lead Managers and Bookrunners included Citibank, BofA Securities, Nomura, China Construction Bank (Asia), Maybank, Emirates NBD Capital, and Standard Chartered Bank.
The latest and final transaction of APICORP’s $3 billion Global Medium-Term Note program launched in 2020, the issuance was more than 2.5 times oversubscribed, with around 57% of the more than $2 billion in orders coming from central banks, multilateral development banks, and other sovereign, supranational and agency investors.
The final spread was +69 basis points with a 1.26% yield, both of which are the lowest ever for an APICORP bond issuance of this type.
Saudi Arabia-based APICORP’s legal counsel on the deal was Allen & Overy while the Joint Lead Managers’ legal counsel was Clifford Chance.
