Abu Dhabi government owned International Petroleum Investment Corporation (Ipic) is set to complete a $2.9bn bond issue before the end of November, the largest debt issue by a regional company so far this year.

The deal is made up of a $750m three-year tranche and a Euro1.65bn ($2.14bn) tranche that is split between a 5.5 year tranche and a 10.5 year tranche.

The deal is being arranged by France’s BNP Paribas and Natixis, the UK’s Royal Bank of Scotland, the US’ JP Morgan, Italy’s Unicredit and the National Bank of Abu Dhabi.