Wednesday, Jun 29, 2011
DUBAI (Zawya Dow Jones)--Master developer Tourism Development & Investment Co. has hired BNP Paribas, HSBC, National Bank of Abu Dhabi, Standard Chartered Bank and the Royal Bank of Scotland to arrange a series of fixed-income investor meetings in Asia, Europe and the U.A.E., a banker familiar with the deal said Wednesday.
TDIC, owned by the Abu Dhabi government, "is scheduled to meet investors in Hong Kong on July 5, in Singapore on July 6, in London on the 7th and 8th and in Switzerland on the 11th," the banker, who declined to be identified, told Zawya Dow Jones. "U.A.E. road show dates are yet to be confirmed," the banker added.
TDIC's road show mandate comes at a time when several U.A.E. companies are planning to tap the debt markets.
Dubai-based Majid Al Futtaim Holding, or MAF, is currently marketing its newly established $2 billion global program for medium-term notes but not an actual bond deal, a company spokesperson said Wednesday.
The government of Dubai and its flag carrier Emirates Airline raised debt recently, but some other companies have delayed their debt plans as global market conditions have deteriorated in the past few days due to the euro-zone debt crisis and the Federal Reserve's downbeat assessment of the U.S. economy.
Abu Dhabi-based Dolphin Energy will launch a U.S. dollar, benchmark bond sale as soon as market conditions improve, a banker on the deal said.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
29-06-11 1641GMT
