Abu Dhabi investment vehicle International Petroleum Investment Co (IPIC) plans to issue a dual tranche benchmark-sized dollar-denominated bond, according to lead arrangers, for debt repayment and general corporate purposes.     

The bond is expected to price later Thursday, according to a source at an arranging bank. Benchmark-sized bonds are at least $500 million in value.

Initial price talk for the long five-year tranche maturing 2016 was at about 275 basis points over US Treasuries (UST) and about 325 basis points over UST for the long 10-year tranche, maturing 2022.

IPIC concluded roadshows in New York on Wednesday. Goldman Sachs is the global coordinator for the bond. - Reuters