UAE's Dolphin Energy eyes up to $1bn bond sale

Abu Dhabi's Dolphin Energy, majority-owned by state fund Mubadala, plans to raise as much as $1 billion from a ten year bond issue, with the offering set to price as early as Tuesday, a statement from lead managers said.

Initial price guidance for the offering, which is benchmark-sized but earmarked for between $750 million and $1bn, has been given as 5.75 percent, the document noted.

Abu Dhabi Commercial Bank, BNP Paribas, Mitsubishi UFJ, Royal Bank of Scotland and Societe Generale are lead managers for the transaction.

Dolphin Energy, in which France's Total and Occidental Petroleum Corp own stakes, had delayed plans to issue to bond last year citing market conditions.