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Abu Dhabi’s IPIC to Offer Bonds in Euros, Pounds

Source: Bloomberg 2/23/2011, Location: Middle East

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Abu Dhabi’s International Petroleum Investment Co. may sell bonds in euros and pounds following investor meetings in cities including London, Amsterdam and Paris starting Feb. 28, according to three people with knowledge of the sale.

Goldman Sachs Group Inc., Banco Santander SA, BNP Paribas SA, Credit Agricole CIB, Deutsche Bank AG and UniCredit SpA are arranging the meetings, the people said. IPIC is owned by the Abu Dhabi government.

IPIC raised $2.5 billion in a debut offering of five- and 10-year dollar bonds in November. The $1 billion of five-year, 3.125 percent bonds were priced to yield 195 basis points above similar-maturity U.S. Treasuries and the $1.5 billion of 10- year, 5 percent-coupon notes were priced at a yield spread of 245 basis points over Treasuries, the company said Nov. 16. The yield on the five-year notes fell 4 basis points to 4.009 percent at 1:36 p.m. in Abu Dhabi. They hit a record-high 4.045 percent yesterday, according to Bloomberg composite prices.

The company agreed Feb. 16 to pay Total SA 3.97 billion euros ($5.37 billion) for it 48.8 percent share of Cia. Espanola de Petroleos SA, Spain’s second largest oil company. IPIC already owned 47 percent of Cepsa. The acquisition will give Abu Dhabi processing capacity for the United Arab Emirates’ 2.4 million barrels a day of crude oil production.

Moody’s Investors Service has rated IPIC’s bonds Aa3, its fourth-highest investment grade, one step lower than Abu Dhabi’s level. The discrepancy was meant to reflect the “the absence of an explicit formal agreement obligating the government to support under all circumstances,” Moody’s said when assigning the credit rating in November.

IPIC, set up by the Abu Dhabi government in 1984 to invest in oil and gas business around the world, has $14 billion of investments which include stakes in 14 separate companies, according to the company’s website.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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