Emal Picks Banks For Up To $1bn Bond Issue- Sources

Emirates Aluminium, a joint venture of Abu Dhabi’s Mubadala and Dubai Aluminium, has mandated three banks for a bond issue of up to $1 billion, two banking sources familiar with the matter said on Tuesday.

In a separate statement on Tuesday, an Emal spokesman denied the company had named banks for the bond issue.

“EMAL and its shareholders, Dubai Aluminium and Mubadala, have not selected nor mandated any banks for any potential bond,” the spokesman said in a text message but declined to be identified.

Emal has picked Goldman Sachs, Citigroup and local lender Abu Dhabi Commercial Bank for the potential bond, the sources told Reuters earlier in the day.

The bond is expected to be a part of a $4 billion financing package for a smelter expansion.