Aabar seeks to raise US$1 billion from bonds exchangeable into Daimler stock
Source: BI-ME with Bloomberg , Author: Posted by BI-Me staff
Posted: Tue May 24, 2011 1:56 pm

UAE. Aabar Investments PJSC, an investment unit of the Abu Dhabi government, said it plans to raise 750 million euros (US$1 billion) in a sale of bonds exchangeable for shares of Daimler AG. (DAI)

The five-year notes will pay a coupon of 3.5% to 4% and can be handed over for stock in the Stuttgart, Germany-based carmaker when the shares rise 30% from the current market price, Aabar said in a statement today. The issuer has retained the option of settling the securities in cash, it said,

“Aabar is taking advantage of the current market conditions and the attractive financing the equity-linked market currently offers,” the Abu Dhabi-based company said.

Partnerships with Daimler in Tesla Motors Inc. (TSLA) and in motor racing are unaffected by the transaction, it said.

The deal is being managed by Bank of America Merrill Lynch, Deutsche Bank AG and Morgan Stanley, according to the statement.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 12, 2016
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
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