By Christine Van Dusen
Atlanta, Nov. 10 - Abu Dhabi's International Petroleum Investment Co. priced a two-tranche issue of notes totaling $2.5 billion (Aa3/AA/AA) via bookrunners Goldman Sachs, Bank of America Merrill Lynch, HSBC, National Bank of Abu Dhabi, Standard Chartered and RBS, a market source said.
The deal included $1 billion 3 1/8% notes due Nov. 11, 2015, which priced at 99.642 to yield 3.203%, or Treasuries plus 195 basis points. Price talk was set at the Treasuries plus 200 bps area.
The second tranche totaled $1.5 billion 5% notes due Nov. 15, 2020, which came to market at 99.108 to yield 5.115%, or Treasuries plus 245 bps. The notes were talked at a spread in the Treasuries plus 250 bps area.
Both tranches of notes in the Rule 144A and Regulation S transaction are non-callable.
The issuer is an entity that oversees foreign investment in the oil industry.
| Issuer: | International Petroleum Investment Co.
|
| Amount: | $2.5 billion
|
| Description: | Notes
|
| Bookrunners: | Goldman Sachs, Bank of America Merrill Lynch, HSBC, National Bank of Abu Dhabi, Standard Chartered, RBS
|
| Call features: | Non-callable
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Nov. 11, 2015
|
| Coupon: | 3 1/8%
|
| Price: | 99.642
|
| Yield: | 3.203%
|
| Spread: | Treasuries plus 195 bps
|
| Price talk: | Treasuries plus 200 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Nov. 15, 2020
|
| Coupon: | 5%
|
| Price: | 99.108
|
| Yield: | 5.115%
|
| Spread: | Treasuries plus 245 bps
|
| Price talk: | Treasuries plus 250 bps area
|
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