-APICORP SAR2bn bond draws SAR6bn bids.
BANKING AND CREDIT NEWS-October 20, 2010--APICORP SAR2bn bond draws SAR6bn bids(C)2010 M2 COMMUNICATIONS http://www.m2.com
20 October 2010 - Multilateral development bank Arab Petroleum Investments Corporation, or APICORP, said today its maiden SAR2bn (USD533m/EUR387m) bond offer enticed investors with bids totalling SAR6bn.
The sale was handled by Calyon Saudi Fransi, HSBC Saudi Arabia, Gulf International Bank (GIB) and Samba Capital.
The bond, the bank's first Saudi riyal-denominated issue, was priced at 110 basis points over Sibor, or at the low end of the indicative range of 110-120 basis points.
The strong market reception is another sign of the bank's strong credit quality, financial stability and profitability, it said in a statement.
APICORP, which is a key oil and gas industry lender established by the 10 member states of the Organization of Arab Petroleum Exporting Countries, will use the proceeds to reinforce its financing and equity holdings in the region.
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| Publication: | M2 Banking & Credit News (BCN) |
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| Date: | Oct 20, 2010 |
| Words: | 164 |
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