Mubadala confirms bond sale plans

BOND SALE: Abu Dhabi's Mubadala signs up banks to help with global roadshow. (Getty Images)

Mubadala Development Co has confirmed it plans to sell global bonds to US and European investors.

In an e-mailed statement reported by Bloomberg it said it had hired Citigroup, Goldman Sachs and Royal Bank of Scotland Group to arrange meetings with potential buyers of bonds issued under a medium-term note program.

Investor meetings will start on April 23 in Los Angeles and San Francisco, according to two people involved in the talks.

The company will also meet bond buyers in New York on April 24, London on April 27 and in Boston and Abu Dhabi on April 28, said the people, who declined to be identified because the talks are private.

Mubadala’s notes will be used to diversify its sources of funding, one of the people said.

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READERS' COMMENTS

Analyst
Posted by George Kaye on Monday 20 April 2009 at 23:38 UAE time


First of all Mubadala has 300 Billion Dollars, give or take, why is it needing to raise capital? Is it possible that they are afraid to use their capital because of the risk involved in this global financial crisis?
Maybe they should stop building 5 star hotels in a global economy that is restructuring to an efficient way of doing business. Companies will not be sending employees to stay in $500. a night standard rate in a 5 star hotel in Abu Dhabi. Tele-Conferencing between senior executives are and will be the future. Business and First Class travel, that's on the way out for all Western companies now and when the economy returns in a leaner fashion. Office prices in Abu Dhabi have dropped by 20%, if there was such a demand prices would hold or go higher. In a former article it was stated that Abu Dhabi is creating a surplus of office space that will rank as the costliest in the world. That is exactly what companies are running AWAY from, their shareholders are not enthusiastic on executives staying in 4 or 5 star hotels OR flying Business or First Class. Shareholders demand that if you want luxury, pay for it from your pocket when your going on holiday with your family, if you're flying for business, YOU"RE WORKING, fly coach and stay at a budget hotel. Efficiency is key now and in the future and business travel will happen ONLY when absolutely necessary. Welcome to the efficent world of Virtual Tele-Conferencing!

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