International Petroleum Investment Co (IPIC), the investment vehicle owned by the Abu Dhabi government, will price a $2.9 billion dual-currency bond, at tighter guidance than earlier indicated, due to strong demand.
IPIC, rated AA, plans to issue a $750 million three-year dollar-denominated portion, and 1.65 billion euros ($2.14 billion) across two tranches, arranging banks said on Tuesday.
Final guidance for the $750 million portion was set at a spread of 135-140 basis points over midswaps. Guidance for the two euro-denominated tranches, which carry maturities of 5.5 years and 10.5 years, was set at a spread of 145-150 bps and 195-200 bps over midswaps, respectively.
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