Deals of the Year 2012: Ipic
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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.

"We had to go back to investors to price very aggressively, in large benchmark size, and hit a target of $2.9

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