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Abu Dhabi’s IPIC plans dual-tranche benchmark bond – lead

Roadshows end in U.S on Tuesday.


November 8, 2010 2:27 by

Abu Dhabi’s International Petroleum Investment Co (IPIC) is planning a dual-tranche bond issue, expected to price this week, with a five- and 10-year maturity, a source with an arranging bank said on Monday.

Early price talk for the five-year tranche is seen in the range of low 200 basis points over five year U. S. treasuries and for the 10-year is seen in the mid-200 basis points over U. S. treasuries range, the source said.

IPIC — which has stakes in Daimler and Virgin Galactic through its majority-owned Aabar Investments — mandated six banks for the benchmark issue, typically at least $500 million, earlier this month.

These are HSBC , Standard Chartered , Royal Bank of Scotland , Bank of America Merrill Lynch , Goldman Sachs and National Bank of Abu Dhabi .

Roadshows will end in Boston on Tuesday. Another source at an arranging bank said pricing is likely on Wednesday.

IPIC was established in 1984 with a mandate to invest globally in energy and energy related industries. At the end of June 30, its total assets were $48.2 billion, the bond prospectus said.

(Reporting by Rachna Uppal and Amran Abocar)


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