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Mubadala expected to raise over $1 billion with dual-tranche bond – sources
April 9, 2017 / 12:54 PM / 4 months ago

Mubadala expected to raise over $1 billion with dual-tranche bond – sources

DUBAI, April 9 (Reuters) - Abu Dhabi’s government-owned fund Mubadala will raise in excess of $1 billion with a dual-tranche dollar bond, banking sources close to the matter said on Sunday.

The bond issuance, with tranches of seven and 12 years, is expected to be of benchmark size for each tranche, the sources said. Benchmark bonds are traditionally meant to be upwards of $500 million.

A Mubadala spokesman declined to comment.

Barclays, HSBC, Natixis, National Bank of Abu Dhabi, SMBC Nikko and Standard Chartered are the joint lead managers and bookrunners for the new deal.

The company started pre-marketing the potential transaction to investors last Friday and will have a global investor call on April 10, the bankers said. The deal is expected to price as early as April 11.

Mubadala is merging with Abu Dhabi-owned International Petroleum Investment Company (IPIC). It said last January that the merged entity will have assets of about $125 billion.

Reporting by Davide Barbuscia; Editing by Stephen Powell

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