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Roadshows ahead for Abu Dhabi’s Mubadala, China’s State Grid; Asia, London out on holiday
By Christine Van Dusen
Atlanta, May 2 – Abu Dhabi-based holding company Mubadala Development Co. PJSC and State Grid Corp. of China set roadshows on a subdued Monday for emerging markets assets.
“It’s very quiet,” a New York-based trader said. “Asia and London were closed [for a holiday].”
For its upcoming issue of dollar-denominated notes, Mubadala will set out on Tuesday for a roadshow, a market source said.
BofA Merrill Lynch, BNP Paribas, First Gulf Bank, JPMorgan, MUFG Securities and Societe Generale CIB are the bookrunners for the Rule 144A and Regulation S deal.
Beijing-based power distributor State Grid will depart on Wednesday to market an issue of dollar- and euro-denominated notes, another market source said.
HSBC, Goldman Sachs, Morgan Stanley, BOC International and ICBC International are the joint global coordinators and – along with JPMorgan, CCB International, Santander, Citigroup, Mizuho Securities and UBS – joint lead managers and joint bookrunners for the Rule 144A and Regulation S deal.
The roadshow will be held in Asia, Europe and the United States.
And the new issue of notes from Guatemala – $700 million 4½% notes due 2026 that priced last week at 99.206 to yield Treasuries plus 277.6 basis points – drew a final order book of $3.3 billion, a market source said.
BofA Merrill Lynch was the bookrunner for the Rule 144A and Regulation transaction.
The proceeds will be used to pay interest and principal on outstanding debt obligations and to finance social and investment programs and capital expenditures.
About 70% of the orders went to the United States and Canada, 6% to Latin America and 24% to emerging Europe, the Middle East and Asia.
Asset managers picked up 84%, banks 8%, broker dealers and private banks 5%, hedge funds 2% and insurers and pension funds 1%.
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