October 2, 2016 / 7:41 AM / in 10 months

APICORP says issues Saudi's first Formosa bond

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DUBAI, Oct 2 (Reuters) - Arab Petroleum Investments Corp (APICORP) has issued a $300 million, five-year floating rate note in Taiwan, the first Formosa bond sold by a Saudi Arabia-based company, the firm said on Sunday.

Formosa bonds are sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwan dollar. APICORP, owned by governments of the Organization of Arab Petroleum Exporting Countries, said its U.S. dollar bond was listed on the Taipei stock exchange; Credit Agricole CIB was lead manager.

With liquidity tightening in the Gulf due to low oil prices, Gulf borrowers have been looking to expand their investor bases by issuing to new markets in Asia. In April, Qatar National Bank said it planned to issue debt in Asia and was considering options including a Formosa bond. (Reporting by Andrew Torchia; Editing by Toby Chopra)

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