International Petroleum Investment Company (IPIC) of Abu Dhabi is seeking to issue bonds under its unlimited global medium term notes program (GMTN), Reuters reports. The company may sell euro-denominated notes in a dual-tranche of five-year and 10-year benchmark bonds.
The five-year tranche is expected to have a yield of over 5% and the 10-year tranche may have a yield of about 6%. The benchmark size is estimated to be about $500 million, raising a total of $1 billion.
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