Back to the complete issue
Tuesday, 30 June 2020

Apicorp issues benchmark USD 750 mn bond

Apicorp issues benchmark USD 750 mn bonds: Multilateral development bank Arab Petroleum Investments Corporation (Apicorp), of which Egypt is a member, has successfully issued a benchmark USD 750 mn USD-denominated five-year bond as part of its USD 3 bn global medium term note program, according to a statement (pdf). The proceeds will be tapped to bolster Apicorp’s business operations, including its countercyclical role in mitigating the impact of the covid-19 and oil prices volatility in the Middle East and North Africa. Fitch Ratings had recently awarded the multilateral development bank an ‘AA’ rating with a stable outlook to become the only financial institution in the MENA region with the rating.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2020 Enterprise Ventures LLC.