Arab Petroleum Investments Corporation (Apicorp) raised 630 million Chinese renminbi ($100m) through its debut dim sum bond as the Saudi Arabian multilateral development bank continues to diversify its funding sources.
Dammam-based Apicorp, which is rated Aa3 by Moody’s Investors Service, sold the three-year fixed rate bond which matures in March 2021 and offers investors an annual coupon of 4.7 per cent.
The deal was priced earlier this month, Apicorp said in a statement on Tuesday.
This is the first-ever dim sum bond issuance by a supranational issuer from the Middle East and Africa region and marks Apicorp’s entry into the fast-growing debt capital market segment. The transaction attracted strong interest from Asian investors, enabling Apicorp to meet its deal size and pricing targets, it said.
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Apicorp credit profile enjoys strong shareholder support
Apicorp sees reforms opening the region up for investors
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"Since Apicorp’s inaugural US dollar benchmark public sukuk issuance in 2015, we have seen strong demand for our credit from Asia,” Ahmed Attiga, Apicorp’s chief executive, said. “This issuance has enabled Apicorp to further diversify its investor base by targeting a niche pool of Asian liquidity. We remain committed to exploring other efficient and cost-effective financing solutions via the international capital markets.”
Standard Chartered was the sole lead manager and bookrunner on the transaction. The bond, listed on the Irish bourse is also a strategic step forward for Apicorp in becoming a regular issuer in the global markets, and, positions its credit alongside its multilateral development bank peers, it said.
Apicorp was set up to help develop the Arab world’s oil and gas industries. The organisation is owned by the 10 member states of the Organisation of Arab Petroleum Exporting Countries. The organisation makes equity investments and provides project loans, trade finance, advisory and research to the energy industry.
In February, the Macao branch of Bank of China priced the largest dim sum bond in two-and-a-half years, according to the Financial Times. The $634m deal was the largest since the devaluation of China's currency in August 2015, as foreign-investor confidence in the renminbi rebound, the newspaper reported.
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Third Test
Day 3, stumps
India 443-7 (d) & 54-5 (27 ov)
Australia 151
India lead by 346 runs with 5 wickets remaining
Honeymoonish
Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
Race card
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m
Star Wars: Episode I – The Phantom Menace
Developer: Big Ape Productions
Publisher: LucasArts
Consoles: PC, PlayStation
Rating: 2/5
The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now