The Arab Petroleum Investments Corporation (APICORP) has issued a $750 million five-year bond.

The issuance is part of APICORP’s $3 billion Global Medium-Term Note (GMTN) program and will bolster the corporation’s business operations, the development bank said in a statement.

The five-year notes’ cost of funding is 1.46 percent per annum and the spread stood at 110bps.

“Despite challenging market conditions, the successful issuance of this benchmark US dollar bond, with this level of competitive pricing, reflects the confidence that global investors have in APICORP,” Ahmed Ali Attiga, Chief Executive Officer at APICORP said.

“We are appreciative that more than 50% of the investors for this issuance are central banks and official institutions, both from within and outside the region. We are also pleased with the number and profile of our investors spanning MENA, Asia, Europe and the Americas,” he said.

The latest issuance attracted more than $1.1 billion in orders for debt sale from over 40 investors of various types from within and outside the MENA region.

(Writing by Gerard Aoun; editing by Seban Scaria)

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