{"id":103147,"date":"2025-04-30T00:00:00","date_gmt":"2025-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adq-to-tap-debt-markets-with-new-dual-tranche-offering\/"},"modified":"2025-04-30T00:00:00","modified_gmt":"2025-04-30T00:00:00","slug":"adq-to-tap-debt-markets-with-new-dual-tranche-offering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/04\/30\/adq-to-tap-debt-markets-with-new-dual-tranche-offering\/","title":{"rendered":"ADQ to tap debt markets with new dual-tranche offering"},"content":{"rendered":"

Abu <\/strong>Dhabi sovereign wealth fund ADQ is issuing five- and 10-year <\/strong>benchmark <\/strong>senior unsecured notes<\/strong>, with initial price guidance set at 115 basis points above US Treasuries for the five-year notes and 125 for the 10-year notes, Zawya<\/a> reports, citing investor information it has seen. The 144A and Reg S notes will be listed on the London Stock Exchange, with settlement scheduled for 6 May. Proceeds from the latest issuance will be used for general corporate purposes, ADQ said.<\/p>\n

In case you don\u2019t speak debt:<\/strong> A USD-denominated Reg S issuance financial instrument is offered to non-US investors outside of the country. The 144A rule allows qualified institutional buyers \u2014 typically firms managing at least USD 100 mn in assets \u2014 to trade private securities without the need to register with the US Securities and Exchange Commission. Benchmark-sized issuances refer to debt of at least USD 500 mn.<\/p>\n

IN CONTEXT- <\/strong>This is the third dual-tranche issuance under ADQ\u2019s Global Medium Term Note Program, which was launched in 2024 as the sovereign fund sought to diversify its funding<\/a> sources for future acquisitions. The program debuted with a USD 2.5 bn<\/a> dual-tranche issuance last May, which was 4.4x oversubscribed with over USD 11 bn in orders, followed by a USD 2 bn<\/a> two-part offering in September that attracted USD 8 bn in bids.<\/p>\n

ADQ\u2019s credit ratings:<\/strong> ADQ holds an Aa2 credit rating from Moody\u2019s and an AA rating with a stable outlook from Fitch.<\/p>\n

\n

OTHER DEBT NEWS-<\/p>\n

State oil giant Adnoc\u2019s maiden USD 1.5 bn sukuk issuance, which was <\/strong>over 2x<\/a><\/strong>oversubscribed,<\/a><\/strong> will carry an annual coupon rate of 4.75%<\/strong>, paid on a semi-annual basis, it said in a statement (pdf)<\/a>. The offering was priced at one of the lowest premiums for new shariah-compliant securities in the region and at the region\u2019s tightest corporate USD 10-year spread, driven by strong demand from key Islamic markets, reflecting Adnoc's solid credit worthiness. The offering came as part of a newly established International Sukuk Program. <\/p>\n

ADVISORS<\/strong>- Standard Chartered Bank is the sole global coordinator and joint sukuk structuring bank on the transaction, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Morgan Stanley and MUFG acting as book runners. Emirates NBD Islamic provided the Shariah compliance certification.<\/p>\n","protected":false},"excerpt":{"rendered":"

The issuance is the sovereign wealth fund\u2019s third under its Global Medium Term Note Program<\/p>\n","protected":false},"author":1,"featured_media":103148,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[72,1391,68,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-103147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-adq","tag-debt","tag-debt-watch","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"5e37daf7-8f16-4a91-9b1e-250d44646ce6","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2147.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ to tap debt markets with new dual-tranche offering","related_issue":[103142],"teaser":"The issuance is the sovereign wealth fund\u2019s third under its Global Medium Term Note Program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.94ed5726-5fdc-4ffa-8409-40266dcd91c4.mp3"},"yoast_head":"\nADQ to tap debt markets with new dual-tranche offering - 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