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Arab Energy Fund, rated Aa2/AA–/AA+ (Moody's/Fitch), is marketing a dollar-denominated 10-year senior unsecured Regulation S sukuk at an initial price guidance of SOFR mid-swaps plus 95bps area.
APICORP Sukuk Ltd is the issuer of the Eurobond, and Arab Petroleum Investments Corporation (the fund's former name) is the obligor.
The sukuk has an expected rating in line with the obliger.
Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, KIB Invest, Mashreq, Nomura and Standard Chartered are joint lead managers and bookrunners on the issuance.
The sukuk will be listed in Dublin and on Nasdaq Dubai.
Last week, the Saudi-headquartered financial institution gained access to China’s domestic bond market to issue up to $1.4 billion in onshore Renminbi-denominated Panda bonds.
(Writing by Bindu Rai, editing by Seban Scaria)
