{"id":91322,"date":"2024-04-25T00:00:00","date_gmt":"2024-04-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabi-raises-usd-5-bn-in-first-eurobond-sale-in-three-years\/"},"modified":"2024-04-25T00:00:00","modified_gmt":"2024-04-25T00:00:00","slug":"abu-dhabi-raises-usd-5-bn-in-first-eurobond-sale-in-three-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/25\/abu-dhabi-raises-usd-5-bn-in-first-eurobond-sale-in-three-years\/","title":{"rendered":"Abu Dhabi raises USD 5 bn in first eurobond sale in three years"},"content":{"rendered":"

Abu Dhabi\u2019s first eurobond sale in three years was 4x oversubscribed: <\/strong>Abu Dhabi has sold USD 5 bn eurobonds \u2014 its first eurobond issuance in three years \u2014 in a sale hailed as \u201cone of the biggest from emerging markets this year,\u201d Bloomberg<\/a> reports. The offering was more than 4x oversubscribed, with investors reportedly submitting bids worth USD 22 bn, Al Arabiya<\/a> reports<\/p>\n

About the issuance:<\/strong> The issuance comprised three tranches with 5-, 10- and 30- tenors. The emirate narrowed the USD-denominated issuance thanks to strong investor demand from an earlier spread of 70 basis points (bps) over US treasuries, pricing the five-year tranche at 35 bps and the 10-year tranche at 45 bps over treasuries, while tightening the 30-year tranche to 90 bps over treasuries, down from 125 bps.<\/p>\n

Background: <\/strong>Abu Dhabi has been eyeing a fresh eurobond issuance for some months, Bloomberg<\/a> reported in February, joining a wave of debt issuances from emerging economies and looking to boost liquidity.<\/p>\n

Abu Dhabi \u201cdoesn\u2019t need the money,\u201d <\/strong>senior portfolio manager at Arqaam Capital Mehdi Popotte told Bloomberg, however the eurobond sale will allow the emirate to bolster its presence in the debt market, \u201c[paving] the way for Abu Dhabi\u2019s government-related entities to issue further later this year,\u201d Popotte added.<\/p>\n

REMEMBER-<\/strong> S&P Global Ratings expected<\/a> the emirate to issue around USD 2 bn in new debt annually until 2026 in order to \u201cmaintain a presence in the market,\u201d in addition to repaying an average of USD 3 bn per year.<\/p>\n

Advisers: <\/strong>The bond sale was managed by our friends at HSBC Holdings and First Abu Dhabi Bank, as well as Abu Dhabi Commercial Bank, Citigroup, JPMorgan Chase & Co, Morgan Stanley, and Standard Chartered.<\/p>\n","protected":false},"excerpt":{"rendered":"

The issuance was 4x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":91323,"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":[1360,1391,68],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-abu-dhabi","tag-debt","tag-debt-watch","wpautop","entry"],"acf":{"mongo_id":"01e6e28d-c584-49d5-a2e4-4d1c933d717b","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1768.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi raises USD 5 bn in first eurobond sale in three years","related_issue":[91318],"teaser":"The issuance was 4x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.fb80a705-0998-4b43-ac6d-9093265286cc.mp3"},"yoast_head":"\nAbu Dhabi raises USD 5 bn in first eurobond sale in three years - 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