International Petroleum Investment Company, the flagship hydrocarbon development company of Abu Dhabi, has been named the Best Borrower in the Middle East in the Euroweek Bonds Awards Ceremony 2011.

IPIC received the award for its 2010 USD 2.5 billion debut debt capital market issuance at the awards ceremony held recently in London. Adjudicated on both qualitative and quantitative criteria by industry professionals, the Euroweek award is a defining standard for both deal and issuer excellence in the financial industry.

Mr Khadem Al Qubaisi MD of IPIC said that “This award illustrates both the professional capacity and the credit worthiness of IPIC in the international capital markets.”

IPIC’s inaugural issuance garnered global interest from quality accounts amassing order books in excess of USD 10.5 billion, a 4.3x oversubscription. Earlier in the year, IPIC also successfully priced notes of EUR 3 billion and 550 million sterling respectively to support IPIC’s voluntary takeover offer for the acquisition of those shares in Compañía Española de Petróleos not already owned by IPIC.

(Sourced from Trade Arabia)