Abu Dhabi company’s bond sale was expected to raise around $1.93bn to refinance existing debt
Abu Dhabi's Dolphin Energy Limited, 51 percent 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 $1.93bn 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 Co (TDIC) was expected
to announce roadshows for a potential bond imminently.