November 27, 2012 / 8:42 AM / in 5 years

IPIC releases guidance on euro tranches of dual-currency deal

LONDON, Nov 27 (IFR) - Abu Dhabi’s International Petroleum Investment Company (IPIC), rated Aa3/AA/AA, has announced initial price guidance for the two euro-denominated tranches of its upcoming dual-currency bond deal.

The issuer has set guidance at 160-170bp over midswaps for the 5.5-year tranche and 210-220bp over midswaps for the 10.5-year tranche.

On Monday, the company released initial price guidance of 2% area for the third tranche of the deal, a three-year US dollar bond.

Books are open on the three-tranche deal, which is expected to price today.

BNP Paribas is acting as global co-ordinator on the transaction and is joint bookrunner along with JP Morgan, NBAD, Natixis, RBS and UniCredit. (Reporting By Davide Scigliuzzo; Editing by Sudip Roy)

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