LONDON/DUBAI, Sept 27 (Reuters) - Abu Dhabi state fund Mubadala is working on a bond transaction which could be announced as soon as next week, sources familiar with the matter said.
Unlisted Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, is working with a number of banks, including Bank of America Merril Lynch (BAML), on the planned deal, said three of the sources.
A spokesman at Mubadala told Reuters: “we are looking at various ways to optimize and simplify our organizational and capital structure.”
BAML did not immediately respond to a request for comment.
One source close to the matter said the transaction would involve a reorganisation of Mubadala’s outstanding debt, without elaborating further.
The deal would come at a busy time in the regional debt markets, with a number of high-profile deals already lined up for the next few weeks. Saudi Basic Industries Corp (SABIC), among others, is expected to issue a dual-tranche bond next week.
Mubadala sold a $1.5 billion bond in August last year, its first public debt sale since it merged with fellow Abu Dhabi fund International Petroleum Investment Company (IPIC).
The Abu Dhabi fund had total assets worth 832 billion dirhams ($226.55 billion) for the six-month period ending in June, the company said last week. The figure includes consolidated holdings of Abu Dhabi Investment Council (ADIC), which merged with Mubadala in March this year. ($1 = 3.6725 UAE dirham) (Additional reporting by Sudip Roy Editing by Alexandra Hudson)