Abu Dhabi's IPIC plans benchmark bond - lead

The bond is part of IPIC's MTN programme, a normal exercise for funding - source
Abu Dhabi's IPIC plans benchmark bond - lead
GOVERNMENT OWNED:International Petroleum Investment Company (IPIC) is owned by the Abu Dhabi government.(Getty Images)
By Reuters
Tue 12 Oct 2010 02:47 PM

Abu Dhabi government-owned

International Petroleum Investment Company (IPIC) plans to

launch a benchmark bond to fund its growing portfolio of

investments, a senior banker with a lead arranger said on

Tuesday.

IPIC - which has stakes in Daimler and Virgin

Galactic through its majority owned Aabar Investments - has

mandated six banks for the benchmark issue, typically at least

$500 million.

"It is part of their MTN programme, a normal exercise for

their funding," the banker told Reuters, speaking on condition

of anonymity. "The global roadshows start next week."

The mandated banks are HSBC, Standard Chartered, Royal Bank of Scotland, Bank of America

Merrill Lynch, Goldman Sachs and National Bank of

Abu Dhabi.

IPIC has an investment portfolio in excess of $14bn,

according to the company's website.

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