SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

A consortium led by EIG Global Energy Partners is set to tap the bond market through a ~$4bn bond issuance in 4Q2021. The proceeds from the deal are likely to be used to fund a part of the $12.4bn deal closed in June between the consortium and Saudi Aramco which gave it a 49% stake in the Aramco Oil Pipeline Company and rights to 25Y of tariff payments for oil transportation through the pipeline network. The deal was backed by $10.5bn financing from banks including Citi, HSBC and JPMorgan. As per Reuters sources, the issuance amount could go up to more than half the $10.5bn loan across two to three deals. Along with EIG, the consortium also includes Abu Dhabi sovereign wealth fund Mubadala, China’s Silk Road Fund, Korea’s Samsung Asset Management and Saudi investment company Hassana. The proposed bond issuance follows the model used by the stakeholders of ADNOC’s gas pipelines who refinanced ~$8bn in bank debt with bonds across two transactions in October 2020 and February 2021.

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