Commentary & Deal Flow

Arab Petroleum Investments Corp (APICOR) exp Aa2/NR/AA (s/s/p) US$750m 144A/Reg S 5y sr unsec green bond due 5/2/29. CACIB/ENBD/JPM/Nomura/StanChart (B&D) joint books. Credit Agricole CIB as sole Green Structuring Advisor. UOP: To finance, refinance and/or invest in whole or in part, new or existing projects under development and/or projects in operation in accordance with APICORP’s Green Finance Framework, which include the following eligible green categories: Renewable energy, Energy Efficiency, Clean Transportation, Pollution prevention and control and Green buildings. Marketing: https://www.netroadshow.com, deal entry code: APIC24 (not case-sensitive). Pricing expected 4/25. Settle 5/2.

IPTs: SOFR MS+115 area.

GUIDANCE: SOFR MS+100-105. Size $500-$750m.

UPDATE: spread set at SOFR MS+95#.

PRICED: $750m 5.428% 5/2/29 100.00 SOFR MS+95.