Abu Dhabi's International Petroleum Investment Co (IPIC) said on Sunday it planned to hold non-deal investor meetings and would only issue bonds in co-ordination with Abu Dhabi's debt management office. IPIC, fully owned by the Abu Dhabi government, hired banks to arrange the meetings in London this week, according to a document seen by Reuters.
"The company is not executing any capital markets transaction," IPIC said in a statement. "As IPIC has done in the past, any future bond issuance by IPIC will be fully co-ordinated with the Debt Management Office of the Government of Abu Dhabi."
Abu Dhabi is trying to curtail bond sales by state entities and centralise fundraising through the debt management office in a bid to crackdown on undisciplined issuance.
IPIC, whose current investments include major stakes in Austrian oil group OMV and Spain's Cepsa, was last in the market in March when it raised $4 billion in three-tranche euro and sterling-denominated bonds.
That issue was used to finance IPIC's acquisition of Cepsa, prompting speculation it may be raising capital to pay for another purchase.
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