OPEC development fund raises $1 billion by selling its first bond

Inspenet, January 25, 2023

The OPEC Fund for International Development, a development institution created by the Organization of the Petroleum Exporting Countries nearly 50 years ago, raised a billion dollars by selling its first bond.

The money will go to food security, health, infrastructure, education, employment and renewable energy projects. It is classified as a “sustainable development” bond, it will be for three years and will pay investors an interest rate of 4.5%.

The OPEC Fund said that central banks and other types of “official” institutions accounted for 62% of buyers of the bond. Banks accounted for 19%, while asset managers and pension and insurance funds accounted for almost all the rest.

Geographically, just over half of the buyers came from Europe, the Middle East and Africa, 27% from Asia-Pacific and 21% from North America.

Source : https://oilandgasmagazine.com.mx/2023/01/fondo-de-desarrollo-de-la-opep-recauda-mil-mdd-con-el-primer-bono-de-su-historia/

Photo: ShutterStock

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