Dubai: Abu Dhabi's Tourism Development and Investment Co (TDIC), which is building the Louvre and Guggenheim museums in the UAE capital, plans to meet fixed income investors starting next week, leads said yesterday.
The meetings in Asia, Europe and the Middle East kick off on July 6 and come as a pair of other UAE firms shelved touted bond issuances due to market conditions.
The meetings will be arranged by HSBC, RBS, BNP Paribas, Standard Chartered and National Bank of Abu Dhabi.
TDIC has plans to sell $1 billion (Dh3.67 billion) in a potential bond sale, sources told Reuters earlier this month, under its existing $3 billion programme.
Potential
There is an air of caution among potential Gulf borrowers seeking to tap global debt markets because of market volatility, which has sent spreads wider.
Both Dolphin Energy and Dubai retailer Majid Al Futtaim Holding are seen holding off on a sale until conditions are more stable.
"They're [TDIC] going to be cautious because Dolphin is on hold," said a banking source, declining to be identified.
The meetings start in Hong Kong before moving to Singapore, the UAE, London and Switzerland.
