{"id":108307,"date":"2025-10-09T00:00:00","date_gmt":"2025-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabi-sovereign-funds-return-to-debt-markets\/"},"modified":"2025-10-09T00:00:00","modified_gmt":"2025-10-09T00:00:00","slug":"abu-dhabi-sovereign-funds-return-to-debt-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/10\/09\/abu-dhabi-sovereign-funds-return-to-debt-markets\/","title":{"rendered":"Abu Dhabi sovereign funds return to debt markets"},"content":{"rendered":"

Abu Dhabi<\/strong> sovereign wealth fun<\/strong>ds are returning to debt markets<\/strong>, with ADQ raising a USD 5 bn dual-tranche loan amid strong demand, and Mubadala launching a USD benchmark 10-year bond. <\/p>\n

#1- Abu Dhabi\u2019s ADQ secured a USD 5 bn senior unsecured dual-tranche term loan, <\/strong>upsized from USD 4 bn following strong demand<\/strong> from 33 banks in general syndication, Zawya<\/a> reports, citing data from LSEG Loan Connector. The proceeds will be used for general corporate purposes.<\/p>\n

Who\u2019s involved?<\/strong> Chinese lenders took the lion\u2019s share \u2014 the Agricultural Bank of China (DIFC branch) and ICBC (DIFC branch) each put in USD 420 mn, while Bank of China (Dubai branch) followed with USD 370 mn.<\/p>\n

The details: <\/strong>The senior unsecured facility was initially launched at USD 4 bn, split into three-year and five-year tranches. The three-year tranche was priced at an interest margin of 70 basis points (bp) over the Secured Overnight Financing Rate (SOFR), leading to an all-in pricing of 85 bps, while the five-year tranche carried a margin of 85 bps over SOFR, resulting in an all-in pricing of 100 bps.<\/p>\n

ADVISORS- <\/strong>China (ICBC) DIFC branch, JP Morgan Securities, and Standard Chartered Bank Hong Kong acted as mandated lead arrangers, bookrunners, and global coordinators. Meanwhile, the Agricultural Bank of China (DIFC branch), Bank of Communications (DIFC branch), China Construction Bank (DIFC branch), CMB International Finance, and Industrial Bank Hong Kong branch participated as MLABs.<\/p>\n

This marks ADQ\u2019s second major debt raise this year.<\/strong> The fund sold USD 2 bn<\/a> in bonds earlier in 2025 and previously tapped markets twice in 2024, raising USD 2.5 bn<\/a> in May and another USD 2 bn<\/a> in September.<\/p>\n

#2-<\/strong> Mubadala\u2019s <\/strong>MDGH to issue a USD benchmark 10-year bond:<\/strong> Mubadala\u2019s debt issuing arm Mamoura Diversified Global Holding (MDGH) launched a USD benchmark 10-year senior unsecured bond, Zawya<\/a> reports. The issuance falls under MDGH\u2019s Global Medium Term Note Program, with IPTs set around 90 bps over US Treasuries<\/p>\n

Pricing and returns breakdown:<\/strong> Books opened on Wednesday, with settlement scheduled for 16 October 2025. The notes, maturing on 16 October 2035, carry a fixed semi-annual coupon calculated on a 30\/360 basis and feature a three-month par call option and a change-of-control put option.<\/p>\n

The details:<\/strong> The issuance is structured under Rule 144A \/ Regulation S and will list on the London Stock Exchange. MDGH is rated Aa2 by Moody\u2019s, AA by S&P, and AA by Fitch), all with stable outlooks. An AA rating from both S&P and Fitch is expected for the issuance.<\/p>\n

ADVISORS-<\/strong> Abu Dhabi Commercial Bank, Citi, First Abu Dhabi Bank, and Standard Chartered Bank acted as joint global coordinators. Bank of China, Deutsche Bank, Goldman Sachs International, Mizuho, and Santander joined as joint lead managers and bookrunners. Standard Chartered also handled billing and delivery.<\/p>\n

REMEMBER-<\/strong> MDGH has been an active issuer in recent years. It sold a USD 1 bn<\/a> 10-year sukuk in May, a five-year AED 1 bn<\/a> sukuk at a 4.6% yield in October 2024, and a USD 1bn 10-year<\/a> sukuk at 70 bps over US Treasuries in March 2024. <\/p>\n","protected":false},"excerpt":{"rendered":"

ADQ upsized its loan from USD 4 bn initially on strong demand<\/p>\n","protected":false},"author":1,"featured_media":108308,"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":[72,1391,68,7,1343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-108307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-adq","tag-debt","tag-debt-watch","tag-enterpriseam-uae","tag-mubadala","wpautop","entry"],"acf":{"mongo_id":"45085452-cba7-4d5b-8549-460f55257b72","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/998.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ issues USD 5 bn loan, and Mubadala issues 10-year bond","related_issue":[108302],"teaser":"ADQ upsized its loan from USD 4 bn initially on strong demand","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.10a1401d-49af-4fb7-8594-4c674a248263.mp3"},"yoast_head":"\nAbu Dhabi sovereign funds return to debt markets - 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