APICORP issues $750mln five-year bond | ZAWYA MENA Edition – ZAWYA

APICORP issues $750mln five-year bond | ZAWYA MENA Edition – ZAWYA

APICORP issues $750mln five-year bond | ZAWYA MENA Edition HomeMarketsCurrenciesArticleAPICORP issues $750mln five-year bond The issuance is part of APICORP's $3bln GMTN program    Saudi currency, riyal, is seen at a local currency exchange in Manama, Bahrain October 16, 2018. Image used for illustrtor purpose onlyThe Arab Petroleum Investments Corporation (APICORP) has issued a $750 million five-year bond.The issuance is part of APICORP's $3 billion Global Medium-Term Note (GMTN) program and will bolster the corporation's business operations, the development bank said in a statement.The five-year notes' cost of funding is 1.46 percent per annum and the spread stood at 110bps.The issuance is part of APICORP's $3 billion Global Medium-Term Note (GMTN) program and will bolster the corporation's business operations, the development bank said in a statement.The five-year notes' cost of funding is 1.46 percent per annum and the spread stood at 110bps."Despite challenging market conditions, the successful issuance of this benchmark US dollar bond, with this level of competitive pricing, reflects the confidence that global investors have in APICORP,“ Ahmed Ali Attiga, Chief Executive Officer at APICORP said."We are appreciative that more than 50% of the investors for this issuance are central banks and official institutions, both from within and