By Rebecca Melvin
New York, Oct. 25 – Saudi Arabia’s Arab Petroleum Investments Corp. priced $500 million five-year Islamic bonds, or Sukuk, at par to yield 3.141%, or mid-swaps plus 100 basis points, on Wednesday, according to a market source.
The Regulation S bonds (expected rating: Aa3) were issued by the corporation’s Apicorp Sukuk Ltd.
Bookrunners were Bank ABC, Credit Agricole CIB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Bank and Standard Chartered.
Listings are planned for the Irish Stock Exchange and Nasdaq Dubai.
Arab Petroleum Investments is a multilateral development bank.
| Issuer: | Apicorp Sukuk Ltd.
|
| Obligor: | Arab Petroleum Investments Corp.
|
| Amount: | $500 million
|
| Maturity: | Nov. 1, 2022
|
| Description: | Islamic bonds
|
| Bookrunners: | Bank ABC, Credit Agricole CIB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Bank and Standard Chartered
|
| Co-managers: | Union National Bank and Bank Islam Brunei Darussalam
|
| Coupon: | 3.141%
|
| Price: | Par
|
| Yield: | 3.141%
|
| Spread: | Mid-swaps plus 100 bps
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 1
|
| Expected rating: | Moody's: Aa3
|
| Distribution: | Regulation S
|
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