Abu Dhabi government-owned International Petroleum Investment Company ( IPIC) plans to launch a benchmark bond to fund its growing portfolio of investments, a senior banker with a lead arranger said on Tuesday.
IPIC, which has stakes in Daimler and Virgin Galactic through its majority owned Aabar Investments, has mandated six banks for the benchmark issue, typically at least US$500 million.
"It is part of their MTN programme, a normal exercise for their funding," the banker told Reuters, speaking on condition of anonymity. "The global roadshows start next week."
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