Investors placed orders for US$11 billion (Dh40.39bn) of bonds sold this week by the International Petroleum Investment Company (IPIC), an Abu Dhabi Government-owned vehicle that holds some of the emirate's most high-profile foreign investments.
The $2.5bn bond, IPIC's first, was 4.4 times oversubscribed, the fund said in a statement yesterday.
"IPIC continues to establish new precedents for Abu Dhabi," said Khadem al Qubaisi, the managing director of IPIC. "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."
IPIC, which through its Aabar Investments subsidiary owns large stakes in the German car giant Daimler and Richard Branson's commercial space flight venture Virgin Galactic, decided to tap into global debt markets to broaden its mix of financing sources.
It has traditionally received funds for its operations and investments directly from the Abu Dhabi National Oil Company.
The $2.5bn bond comprises $1bn that matures in five years and comes with 3.125 per cent annual interest, and $1.5bn that matures in 10 years and pays 5 per cent yearly interest.
This month, IPIC said in the prospectus for the bond that it would scale back on asset purchases after building a portfolio worth $48.2bn at the end of June.
It also said it made $159.2 million of profits in the first six months of this year, compared with $2.65bn for the same period last year.
The issuance comes during a buoyant time for global debt markets. Several companies and governments in the Gulf - including the Dubai Government, Emaar Properties and the Dubai Electricity and Water Authority - have taken advantage of improving sentiment to issue bonds in recent months.
afitch@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
THREE
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The years Ramadan fell in May
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Barbie
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Syria squad
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
SHALASH%20THE%20IRAQI
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Dengue%20fever%20symptoms
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
'Ashkal'
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