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.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
