Saudi Arabia’s Arab Petroleum Investments Corporation (Apicorp) has launched a $500m 5-year sukuk from its $3bn Trust Certificate Programme.

According to a statement released by Apicorp, the initial price was released at mid swaps of +125bps, which was subsequently revised to mid swaps of +110bps before being priced 25bps inside the initial price thoughts (IPTs) at mid swaps at +100bps. Apricorp has previously issued in the sukuk market in 2015 and twice in the Taiwanese Formosa market.

“We are delighted with the heavy oversubscription of this sukuk transaction. It is clear with over 200 investors across various jurisdictions, we have firmly planted the APICORP flag in the capital markets allowing us to develop strong relationships with new fixed income investors. The success of this transaction is testament to APICORP’s impressive 40 year track record, unique ownership structure and strong fundamentals, and reassuring Aa3 credit rating,” said Ahmed Ali Attiga, Apircorp’s CEO, in a released statement.