25 JUNE 2013Gulf-times.com
HSBC, Citigroup said to manage Emirates Aluminium bond sale
Edited by : AL CIRCLE
1 min read
Emirates Aluminium Co, the UAE company that is part of a $15bn merger, has picked six banks including HSBC Holdings for a possible bond sale this year, two bankers familiar with the plan said.
Citigroup, BNP Paribas, Royal Bank of Scotland Group, Emirates NBD and National Bank of Abu Dhabi will also help manage the sale, said the bankers, asking not to be identified because the information is private.
The company known as EMAL may raise about $1bn from the sale, expected in the fourth quarter if market conditions permit, one of the bankers said.
EMAL, a venture between Abu Dhabi’s Mubadala Development Co and Dubai Aluminium Co, is building the world’s biggest smelter at Al Taweelah near UAE capital Abu Dhabi. Mubadala and Investment Corp of Dubai, the holding company that owns Dubai Aluminium, said June 3 they agreed to merge the smelters.
Bond sales in the six-nation Gulf Co-operation Council, which includes the UAE and Qatar, have jumped 14% this year to $21bn as issuers take advantage of a drop in yields, according to data compiled by Bloomberg. Bond sales climbed to a record $42.8bn last year.
Citigroup, BNP Paribas, Royal Bank of Scotland Group, Emirates NBD and National Bank of Abu Dhabi will also help manage the sale, said the bankers, asking not to be identified because the information is private.
The company known as EMAL may raise about $1bn from the sale, expected in the fourth quarter if market conditions permit, one of the bankers said.
EMAL, a venture between Abu Dhabi’s Mubadala Development Co and Dubai Aluminium Co, is building the world’s biggest smelter at Al Taweelah near UAE capital Abu Dhabi. Mubadala and Investment Corp of Dubai, the holding company that owns Dubai Aluminium, said June 3 they agreed to merge the smelters.
Bond sales in the six-nation Gulf Co-operation Council, which includes the UAE and Qatar, have jumped 14% this year to $21bn as issuers take advantage of a drop in yields, according to data compiled by Bloomberg. Bond sales climbed to a record $42.8bn last year.
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