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| Ipic | |
| Size | $2.9 billion-equivalent dual currency, three-tranche offering |
| Bookrunners | BNP Paribas, JPMorgan Chase, National Bank of Abu Dhabi, Natixis, RBS, UniCredit |
| return to the Middle East and Africa Deals of the Year index | |
The same month brought another impressive debt deal from the Gulf, this time from International Petroleum Investment Corporation (Ipic), Abu Dhabi’s state-backed investment group for the energy sector worldwide. This was a big, multi-currency offering, raising $2.9 billion equivalent in three tranches: a $750 million three-year, a €800 million 5.5-year and a €850 million 10.5-year.
It had been a while since the markets had seen something like this. The dollar tranche was the first three-year benchmark bond from a Middle East non-bank, while the euro tranches were the first from MENA into that market since March 2011 – also by Ipic. It was also the largest conventional Regulation S deal from emerging markets in 2012 to that date, with the lowest-ever coupon (1.75% on the three-year), and the largest MENA corporate transaction of the year.
"We had to go back to investors to price very aggressively, in large benchmark size, and hit a target of $2.9
