Abu Dhabi power plant picks banks for bond meetings
Abu Dhabi's Shuweihat 2 (S2) power plant has mandated six banks to help arrange a potential bond issue, lead arrangers said on Tuesday.
BNP Paribas, Citigroup Inc, HSBC Holdings , Mitsubishi UFJ Securities, National Bank of Abu Dhabi and Standard Chartered will arrange fixed income meetings in the United States, Europe, the Middle East and Asia ahead of a potential sale, arranging banks said.
A bond issue which would be open to institutional investors in the United States could follow during the course of 2013, subject to market conditions.
S2 is 54 percent owned by Abu Dhabi National Energy Co (TAQA). Abu Dhabi Water and Electricity Authority holds a 6 percent stake.
The remaining shareholding is split between a 20 percent stake held by France's GDF SUEZ, and a 10 percent ownership each by Marubeni Corporation and Osaka Gas Co.