Dolphin Energy has delayed plans to sell bonds because of market volatility caused by the debt crisis in Greece.
The Abu Dhabi energy producer was expected to announce the pricing after hiring banks to hold investor meetings last week.
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But the firm has decided to wait until after the resolution of Greece's latest austerity measures, when pricing is expected to improve, according to a person familiar with the matter.
"Dolphin Energy will now be actively monitoring the market over the coming days and will release terms on its bond issue in an appropriate window of execution," said a Dolphin spokesman.
"The transaction may price in the very near future."
Dolphin Energy, a gas pipeline company owned by Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, was anticipated to raise as much as US$1.93 billion (Dh7.1bn) to refinance existing debt.
The firm is among several local companies considering entering debt markets for the first time since unrest in parts of the region.
The Dubai retailer Majid Al Futtaim held investor roadshows this week, Reuters reported.
Abu Dhabi's Tourism Development and Investment Company is also said to be planning to raise about $1bn.
Greece's problems have prompted other global companies to put on hold plans to tap debt markets, say analysts.
"Dolphin Energy is not the only issuer who have decided at the end of the roadshow not to come to the market at the moment," said Spencer Maclean, the head of European syndicate at Standard Chartered. "When you speak to investors out there they're saying it would be wrong to issue bonds into the market because of the uncertainty of Greece and it by no means has a negative impact on issuers wanting to access the markets as soon as next week."
The Greek parliament is due to vote today and tomorrow on a €28bn (Dh146.63bn) austerity package and implementation law.
Agreement is needed for the country to secure the latest €12bn tranche from a €110bn bailout loan from the IMF and EU.
Sunday is the deadline set by the EU to sign off the latest payment.
tarnold@thenational.ae
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Background: Chemical Weapons
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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