Debt markets in the Gulf received a further boost when it was announced that Dolphin Energy, whose majority shareholder is the Abu Dhabi-owned Mubadala Development Co., raised $2.59 billion from 23 banks, including the United Arab Emirates National Bank of Abu Dhabi and Abu Dhabi Commercial Bank, Saudi Arabias Samba Financial Group, and global banks BNP Paribas and Standard Chartered.

The 10-year loans have a margin of 275 basis points over the London interbank offered rate (Libor) for the first three years, 300 basis points up to year six, and 350 basis points for the rest of the term.  Dolphin Energy is purportedly also seeking an Islamic loan deal that it hopes to finalize by the end of April – and has issued a request for proposals to prequalified banks to underwrite a bond of between $500 million and $1 billion in mid-April.  Dolphin may then alter the amount it borrows from the commercial banks in June once it knows how much money it has raised from the bond and Islamic facility.

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