Mubadala readies bond issuance

Abu Dhabi’s sovereign wealth fund, Mubadala, has reportedly started hiring banks to help with a planned bond issuance. The enlisted banks include Banca IMI, BNP Paribas, HSBC, Societe Generale, Natixis, BoA Securities and First Abu Dhabi Bank. The issuance is likely to be in three tranches – six and 10-year conventional bonds plus a 30 year dual-listed Formosa bond (a bond issued in Taiwan but denominated in another currency), Reuters reported. Should the issuance come to fruition, Mubadala would follow a number of sovereign funds and governments in the Gulf Cooperation Council (GCC) region that have gone to the debt markets in recent weeks. Earlier this month the Abu Dhabi Securities Exchange began listing a multi tranche $7 billion bond offering from the Abu Dhabi government. And in April US fund manager Franklin Templeton forecast that corporate and sovereign bond issuance in the region would reach as much as $105 billion before the year-end. © 2020 funds global mena

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