Bond investors are having a tough time of late. Financial institutions have dominated the new-issue calendar for almost two years, spreads are tight, and fixed-income investors have had little opportunity to get near the energy commodities upside that equity investors have enjoyed.
That changed last month when Qatar-based natural gas company Ras Laffan came to market with a $2.25 billion two-tranche bond deal.
At first glance it smacks of project finance, with the proceeds being used as part of a $13 billion five-year programme to build new rail equipment and storage and processing areas in the world’s largest natural gas field.
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