Middle East Economic Survey

VOL. LIII

No 46

15-Nov-2010

UAE

IPIC Issues Bonds Worth $2.5bn

Abu Dhabis International Petroleum Investment Company (IPIC) issued $2.5bn worth of bonds in two parts 9 November. The $1bn five-year tranche was priced at 195 bps over US treasuries and the $1.5bn 10-year tranche was at 245 bps over US treasuries. This was lower than price guidance of 200 bps and 250 bps for the five and 10-year tranches respectively, suggesting strong investor demand. IPIC is the...