The OPEC Fund is a multilateral development finance institution that includes the UAE and Saudi Arabia
The OPEC Fund for International Development, a multilateral development finance institution that includes the UAE and Saudi Arabia, has mandated banks for its inaugural EUR five-year sustainability benchmark senior unsecured note.
Banks mandated include BofA Securities, Citi, Credit Agricole CIB and Deutsche Bank to joint lead manage the fixed rate benchmark transaction. Credit Agricole CIB also acted as sole sustainability structuring advisor on the updated SDG Bond Framework, with a Second Party Opinion provided by Sustainable Fitch.
The OPEC Fund is rated AA+ Stable by S&P and Fitch, with the expected issue rating in line with the obliger’s own.
The net proceeds of the notes will be included in the ordinary capital resources, and the OPEC Fund will apply an equal amount to the financing and re-financing of new or existing SDG loans.
The notes will be listed on the London Stock Exchange Main Market.
Established in 1976, the OPEC Fund comprises 12 member countries, which also include Kuwait, Iran, Iraq, Libya, Nigeria, Algeria, Ecuador, Gabon, Indonesia and Venezuela.
(Writing by Bindu Rai, editing by Brinda Darasha)