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The Arab Energy Fund (TAEF) has mandated banks to arrange a series of fixed income investor calls on Tuesday, 18 February 2025.
A benchmark USD-denominated Regulation-S offering with a five-year tenor is expected to follow, subject to market conditions.
TAEF, a multilateral impact investor, was formerly known as Arab Petroleum Investments Corporation. It was set up in 1975 and is funded by 10 governments--Saudi Arabia, Kuwait, the UAE, Libya, Qatar, Iraq, Algeria, Egypt, Bahrain and Syria, and had assets of over $10 billion as of June, 2024.
It is rated Aa2 (stable outlook) by Moody's, AA- (stable outlook) by S&P, and AA+ (stable outlook) by Fitch.
Nomura, BSF Capital, Mashreq and Standard Chartered Bank are the joint lead managers.
The notes will be issued under Arab Petroleum Investments Corporation Global Medium Term Note Programme, with an expected rating of Aa2 by Moody's and AA+ by Fitch.
The proceeds will be used for general corporate purposes. The notes will be listed on Euronext Dublin.
(Writing by Brinda Darasha; editing by Seban Scaria)
