The government of Abu Dhabi this week raised $10bn in its first international bond in two years. The emirate raised $3bn in five-year paper pricing at 65 basis points (bps) over US treasuries; $3bn in 10-year notes at +85bps, and $4bn in 30-year notes at +110bps. Orders were over $19bn.

The tight pricing reflects Abu Dhabi’s high investment grade credit ratings: Aa2 from Moody’s, and AA from both S&P and Fitch – the third highest grade in each instance. Abu Dhabi has the lion’s share of UAE oil and gas reserves, as well as ambitious plans to raise output (MEES, 14 June). (CONTINUED - 143 WORDS)