Abu Dhabi's International Petroleum Investment Co (Ipic) plans a dual-tranche five-year and 10-year benchmark bond issue denominated in euros, two market sources said yesterday.
Benchmark size is usually understood to be at least $500 million (Dh1.74 billion) meaning Ipic will raise at least $1 billion if the deal goes ahead, under its unlimited Global medium term notes programme (GMTN).
Ipic concluded investor roadshows in London last last night against a backdrop of political upheaval in the Middle East and North Africa which has raised risk premiums. Protests have spread to the Gulf region, taking place in Bahrain, Kuwait, Oman and Saudi Arabia.
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