DUBAI, April 26 (Reuters) - Abu Dhabi Ports has hired banks
to arrange an issuance of 10-year U.S. dollar-denominated bonds,
which it will use for general corporate purposes, a presentation
for investors seen by Reuters showed on Monday.
Citi, First Abu Dhabi Bank and Standard
Chartered will act as joint global coordinators. HSBC
, Mizuho, Societe Generale, BNP
Paribas, Credit Agricole and SMBC Nikko
also have roles.
The banks will arrange fixed income investor calls on Monday
and Tuesday, a document from one of the banks showed. An
issuance of benchmark size, generally at least $500 million,
will follow, subject to market conditions.
Reuters reported on Sunday that Abu Dhabi Ports had secured
a $1 billion loan from nine banks including Citi, FAB, HSBC and
Standard Chartered. One source said it was also planning a bond
Abu Dhabi Ports, which is owned by the emirate's holding
company ADQ, owns and operates 11 ports and terminals in the
United Arab Emirates and Guinea.
Fitch Ratings and S&P Global Ratings both assigned Abu Dhabi
Ports an A+ rating on Thursday.
Issuers in the Gulf have been taking advantage of low rates
to raise debt as the region emerges from an economic downturn
caused by the COVID-19 pandemic and last year's oil price
(Reporting by Yousef Saba; Editing by Kirsten Donovan)