{"id":96244,"date":"2024-09-27T00:00:00","date_gmt":"2024-09-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adq-raises-usd-2-bn-in-second-bond-issuance-this-year\/"},"modified":"2024-09-27T00:00:00","modified_gmt":"2024-09-27T00:00:00","slug":"adq-raises-usd-2-bn-in-second-bond-issuance-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/27\/adq-raises-usd-2-bn-in-second-bond-issuance-this-year\/","title":{"rendered":"ADQ raises USD 2 bn in second bond issuance this year"},"content":{"rendered":"

Abu Dhabi\u2019s sovereign wealth fund ADQ sold USD 2 bn worth of bonds in its <\/strong>second debt sale<\/strong>, state news agency Wam<\/a> reports. The order book was 4.1x oversubscribed, drawing some USD 8 bn in bids from investors across the US, Europe, the Middle East, and Asia. <\/p>\n

The details:<\/strong> Issued under its Global Medium Term Note Program, ADQ\u2019s dual-tranche offering is set to be listed on the London Stock Exchange and consists of two tranches worth USD 1 bn each. The 7-year tranche was priced at a spread of 85 bps over US Treasuries, with an annual yield at 4.375%, while the 30-year tranche was priced at 120 bps with a 5.250% yield.<\/p>\n

The issuance was met with strong investor demand<\/strong>, prompting the wealth fund to tighten the pricing by 30 bps to 85 basis points over US Treasuries for the 7-year tranche, and 120 bps over for the 30-year tranche, from an initial price guidance<\/a> of 115 bps and 150 bps over.<\/p>\n

ADVISORS- <\/strong>ADQ tapped Abu Dhabi Commercial Bank (ADCB), BofA Securities, Bank of China, BNP Paribas, FAB, JP Morgan, and Mizuho to serve as joint global coordinators and joint active bookrunners.<\/p>\n

This marks <\/strong>ADQ\u2019s<\/strong> second-ever dual-tranche bond issuance<\/strong>, following its maiden USD 2.5 bn issuance in May<\/a>, which is listed on the London Stock Exchange and the ADX<\/a>. The previous bond sale was 4.4x oversubscribed, attracting over USD 11 bn in orders.<\/p>\n

REMEMBER-<\/strong> ADQ is looking to diversify its funding<\/a> sources for future acquisitions, most recently snagging a USD 1 bn minority stake<\/a> in Sotheby\u2019s. It has also been exploring various regional investments, with a USD 180 mn tech-focused fund<\/a> in Oman and a landmark USD 35 bn agreement<\/a> with Egypt\u2019s government back in February. It also inked agreements in Kenya worth USD 500 mn<\/a>.<\/p>\n

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

\n

IN OTHER ADQ NEWS-<\/p>\n

UK-based fine arts curator Sotheby\u2019s is using <\/strong>ADQ\u2019s USD 1 bn equity investment<\/a> to <\/strong>offer its creditors a distribution of USD 700 mn<\/strong>, as it looks to cover its debt amid a contraction in the art and auctions markets, Bloomberg<\/a> reports, citing people with knowledge of the matter. The investment, which provided the sovereign wealth fund with a minority stake, will land in Sotheby\u2019s coffers in 4Q 2024. <\/p>\n

Background:<\/strong> S&P Global Ratings had raised concerns<\/a> about Sotheby\u2019s ability to refinance its debt \u201cif it does not improve performance,\u201d and downgraded its credit rating further into junk territory earlier in June. <\/p>\n","protected":false},"excerpt":{"rendered":"

The order book was 4.1x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":96245,"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":[72,29,1391,68,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-adq","tag-capital-markets","tag-debt","tag-debt-watch","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"93d83442-65c9-4ab9-9dea-742afe69f95c","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/172.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ raises USD 2 bn in second bond issuance this year","related_issue":[96239],"teaser":"The order book was 4.1x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.4828db61-14fd-4130-aaef-588ff871b6f9.mp3"},"yoast_head":"\nADQ raises USD 2 bn in second bond issuance this year - 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