Mubadala Privately Places EUR80Mln Eurobond

Zawya Dow Jones25.11.2011 UAE
Mubadala Privately Places EUR80Mln Eurobond

Mubadala Privately Places EUR80Mln Eurobond

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Abu Dhabi investment vehicle Mubadala Development Co. privately placed a five year bond worth EUR80 million last week, a company official told Zawya Dow Jones.

"This is a private issuance, it's a bilateral five-year bond and is part of our Global Medium-Term Notes (GMTN) program, we are set to receive the money on November 29," the Mubadala official, who asked not to be named, said.

He added the EUR80 million bond carries a fixed rate annual coupon of 4.15% and will mature in 2018, but declined to say what the funds will be used for, or if more private issuance is likely.

"It looks like a private placement, what happens with this is some investor comes in and says to Mubadala we want to buy EUR80 million of your bonds and then it gets priced. It's not a public deal, this was issued out of their existing shelf filing so it didn't have a new brochure or prospectus," a Dubai-based fund Manager said.

Mubadala's GMTN program has been rated AA by Standard & Poor's due to the company's operational proximity to the Abu Dhabi government.


Source: Zawya Dow Jones



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