October 25, 2017 / 8:49 AM / in a year

Arab Petroleum Investments sets final pricing for $500 mln sukuk -lead

DUBAI, Oct 25 (Reuters) - Arab Petroleum Investments Corporation (APICORP) has set the final price guidance for a planned $500 million sukuk at 110 basis points over mid-swaps, with the Islamic bonds expected to price within a range of 5 basis points below or above that figure, a document from one of the banks leading the deal showed on Wednesday.

Orders for the bonds, which will price on Wednesday, were in excess of $2.3 billion, but the size of the deal has been set at $500 million, the document showed.

APICORP, a development bank headquartered in Saudi Arabia rated Aa3 by Moody’s, has hired Bank ABC, Crédit Agricole Corporate and Investment Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital and Standard Chartered Bank to lead manage the deal.

Reporting by Davide Barbuscia; editing by Jason Neely

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