APICORP raises an additional $250mn from existing bonds

APICORP raises an additional $250mn from existing bonds

The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, successfully raised $250mn through the reopening of existing bonds. Sold at 90 basis points over mid-swaps, the lowest ever for an APICORP bond issuance, the transaction is a retap of a benchmark $750mn dollar-denominated five-year bond issuance in the RegS markets in June 2020, and is part of APICORP's $3bn Global Medium-Term Note (GMTN) programme. The retap attracted robust and diverse investor demand, with more than 40% of investors coming from outside of the MENA region and about 56% from central banks and other sovereigns, supranationals and agencies (SSA) investors. Notably, APICORP is currently one of the few financial institutions in the world rated ‘AA' by Fitch and ‘Aa2' by Moody's,