Apicorp issues benchmark USD 750 mn bonds: Multilateral development bank Arab Petroleum Investments Corporation (Apicorp), of which Egypt is a member, has successfully issued a benchmark USD 750 mn USD-denominated five-year bond as part of its USD 3 bn global medium term note program, according to a statement (pdf). The proceeds will be tapped to bolster Apicorp’s business operations, including its countercyclical role in mitigating the impact of the covid-19 and oil prices volatility in the Middle East and North Africa. Fitch Ratings had recently awarded the multilateral development bank an ‘AA’ rating with a stable outlook to become the only financial institution in the MENA region with the rating.

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