Wednesday, 23 February 2011

Ipic mandates six banks for possible bond issue in Europe

Abu Dhabi: Abu Dhabi's International Petroleum Investment Co (Ipic), confirmed yesterday that it has mandated banks for a European roadshow ahead of a potential euro or sterling denominated bond issue.
The series of European meetings will start on Monday, Ipic said yesterday.
Goldman Sachs, Banco Santander, BNP Paribas, Credit Agricole CIB, Deutsche Bank and UniCredit are arranging the meetings for Ipic, a key investor for Abu Dhabi's government in global oil and gas assets. Ipic holds a stake in Italy's UniCredit.
Bankers said earlier yesterday the meetings will target fixed income investors in London, Edinburgh, Geneva, Zurich, Frankfurt, Munich, and Amsterdam.
Ipic last week made a €4.04 billion bid to take over Spanish oil company Cepsa, in which it already owns a major stake.
The firm sold its first bond in November last year, raising $2.5 billion through a $1 billion five-year issue and a $1.5 billion ten-year issue.
It is rated Aa3 by Moody's and AA by Standard & Poor's and Fitch. Abu Dhabi's government has repeatedly said it unconditionally backs the firm.
In the October 2010 prospectus documents for that bond sale, balance sheet data showed Ipic had $20.3 billion of total debt-including the borrowings of companies it owns such as Borealis, Nova Chemicals and Aabar Investments-compared with $14.6 billion in equity, as of June-end last year.
Ipic had total liabilities of $33.5 billion, compared with assets worth $48 billion.


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