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Abu Dhabi has this week raised a $10bn three-tranche international bond. Though three times oversubscribed, the sum raised is slightly less than Saudi Arabia’s bumper $12.5bn international bond issued a week earlier ( MEES, 29 September ).
The latest Abu Dhabi issue consists of a 5-year $3bn tranche priced at 65bps over US Treasuries; a 10-year $4bn tranche at +85bps; and a 30-year $3bn at +130bps. The bond issue was lead managed by Bank of America Merrill Lynch, Citigroup, First Abu Dhabi Bank, HSBC and JP Morgan.
The last time Abu Dhabi tapped the bond market was in April 2016 with a $5bn sale, made up of a 5-year $2.5bn tranche at 2.125% and a 10-year $2.5bn tranche at 3.125% ( MEES, 24 June 2016 ).