IPIC closes its inaugural bond issuance

IPIC raised a total of $2.5bn through two issuances, a five year issuance for $1.0bn and a ten year for $1.5bn. IPIC, rated Aa3, AA, and AA (by Moody's, S&P and Fitch respectively) and which has a successful track record over 26 years conducted a global roadshow, which led to the bond being 4.4 times oversubscribed, illustrating the intense demand for both IPIC and the Government of Abu Dhabi.

IPIC's Managing Director, H.E. Khadem Al Qubaisi, said, "IPIC continues to establish new precedents for Abu Dhabi. It has always been an objective of IPIC to diversify our capital structure and partner with the international capital markets. The success of this bond clearly demonstrates IPIC's creditworthiness in the eyes of the international capital markets and we look forward to enhancing the established partnerships which have been founded in our first issuance. I would like to thank our Chairman, H.H. Sheikh Mansour bin Zayed Al Nahyan and IPIC's Board of Directors for their continued support as we aim to reach new milestones."

IPIC priced its five year issuance, totalling $1.0bn, at a spread of 195 basis points over five year US Treasuries with a coupon of 3.125%. It also concurrently priced its ten year issuance, totalling $1.5bn, at a spread of 245 basis points over 10 year US Treasuries with a coupon of 5.0%.

IPIC is a long term strategic investor and leverages its 26 years of investing and portfolio management experience to invest across the entire hydrocarbon value chain. IPIC plays an integral role in the Government of Abu Dhabi's strategy to secure and develop end markets for Abu Dhabi's crude oil production.

As at 30 June 2010, IPIC had assets in excess of $48bn, holding over 15 investments, spanning across 5 continents.