Latest news with #TAEF
Gulf Business
28-02-2025
- Business
- Gulf Business
The Arab Energy Fund raises $650m in oversubscribed bond issuance
Image: TAEF The Arab Energy Fund, formerly known as APICORP, has successfully issued a $650m five-year senior unsecured bond under its Global Medium-Term Note Program, marking a landmark transaction for the multilateral financial institution. The bond, rated Aa2 (Stable) by Moody's and AA+ (Stable) by Fitch, was priced at SOFR Mid-Swap (MS) +80 basis points (bps), yielding 4.900 per cent. Strong investor demand allowed The Arab Energy Fund sukuk issuance: details Investor participation was well-diversified, with an oversubscription rate of 1.4 times. Central banks, sovereign institutions, financial institutions, and real money managers accounted for the bulk of demand. Approximately 40 per cent of the order book came from outside the MENA region, including strong interest from Asia, Europe, and offshore US investors. Geographic allocations stood at 60 per cent for MENA, 25 per cent for Asia/other, and 15 per cent for Europe. By investor type, 52 per cent was allocated to banks, treasuries, and private banks, 38 per cent to central banks, sovereigns, and institutions, and 10 per cent to asset managers, fund managers, and hedge funds. The successful issuance underscores The Arab Energy Fund's robust credit profile and reinforces investor confidence in its strategic role within the global energy sector. The transaction enhances the fund's liquidity position and strengthens its presence in international capital markets. BSF Capital, Doha Bank, First Abu Dhabi Bank, Mashreq, Nomura, and Standard Chartered acted as joint lead managers and book runners for the issuance.
Zawya
19-02-2025
- Business
- Zawya
IPTs out for The Arab Energy Fund's 5-year USD benchmark bond
Price guidance is out for The Arab Energy Fund's (TAEF) five-year benchmark USD-denominated Regulation-S offering. Initial price thoughts are in the 5-year SOFR mid-swaps (MS) + 90 basis points (bps) area. The multilateral impact investor, formerly known as Arab Petroleum Investments Corporation, has mandated banks to arrange a series of fixed income investor calls to market the bonds. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
18-02-2025
- Business
- Zawya
The Arab Energy Fund mandates banks on Reg S USD 5-year bond
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)
