Dolphin Energy delays US$1.9bn bond

posted on 29/06/2011: 114 views

Abu Dhabi's Dolphin Energy Limited, 51 per cent owned by state fund Mubadala, has delayed plans for an immediate bond issue due to market conditions, leads said on Tuesday.

Dolphin Energy completed investor meetings for a 144a benchmark dollar bond last week, and was expected to indicate guidance shortly thereafter, but the Eurozone debt crisis and uncertainty surrounding Greece has made investors nervous over any new debt coming onto the market.

The bond sale was expected to raise as much as US$1.93 billion to refinance existing debt.

Dolphin Energy, in which France's Total and Occidental Petroleum Corp own stakes, will monitor market conditions for an "appropriate window of execution" for a future issue, leads said in a document seen by Reuters.

RBS, Abu Dhabi Commercial Bank, BNP Paribas, Mitsubishi UFJ and Societe Generale arranged the roadshows. The move throws doubt on the decision of two more potential issuers from the UAE hoping to get a deal away before the quiet summer period and the Holy month of Ramadan.

Dubai retailer Majid Al Futtaim Holding held roadshows this week, and Abu Dhabi's Tourism Development and Investment Company (TDIC) was expected to announce roadshows for a potential bond imminently. – Emirates 24|7

RELATED ARTICLES

25 April 2012	Dubai plans US$1b sukuk
10 April 2012	UAE’s National Bonds adds 7,000 customers in Q1
21 February 2012	UAE may become 1st Gulf state to issue yuan bonds
08 February 2012	Dolphin to raise US$1b from bonds
22 August 2011	Abu Dhabi and Qatar bonds draw investors

blog comments powered by Disqus