Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) on Wednesday announced issuing its third Formosa bond worth $300 million.

The five-year debt notes, which will be due on 1 April 2024, provide investors with a floating rate coupon, APICORP revealed in a statement.

APICORP’s bond was oversubscribed by about three times, enabling the multilateral development bank to price its Formosa within its secondary curve and foster its investor access into Asia.

Credit Agricole Corporate and Investment Bank, Taipei Branch, HSBC Bank (Taiwan) Limited, and Standard Chartered Bank (Taiwan) Limited were the lead managers and bookrunners of the transaction, APICORP said.

In addition, co-managers of the deal included Taishin International Bank, President Securities, Bank of Taiwan, KGI Securities, Yuanta Securities, and Fubon Securities.

“The issuance showcases the unique nature of the credit by not only achieving overwhelming demand, but also securing attractive terms,” Credit Agricole Corporate and Investment Bank’s head of debt capital markets (DCM) for the Middle East and North Africa (MENA), Abrar Hussain, said.