ACWA Power postpones bond issue until 2017

Saudi-based ACWA Power has pushed back its plans for a potential dollar-denominated bond issue to 2017, Reuters reported on Thursday, citing a document from lead arrangers.

"Due to timing constraints and requests from investors for more time to evaluate the proposed offering, ACWA Power will continue the investor education process and intends to access the capital markets in early 2017," the document said.

Over 100 investors from the United States, Europe, Asia and the Middle East had already participated in a "constructive global investor roadshow".

ACWA had planned to issue its first international bond since the kingdom’s $17.5 billion debt sale in October.

Jefferies, Citi, CCB Singapore, Mizuho and Standard Chartered were mandated to arrange the $1 billion bond issue, according to a document issued by the firm to investors last month.