The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Deals of the Year 2012: 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.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree