The Abu Dhabi Securities Exchange Sunday started listing of the government of Abu Dhabi’s $7 billion multi-tranche global medium term notes issued on 8th April.
The offering is part of Abu Dhabi’s medium-term strategy aimed to optimise the capital structure of the emirate, tapping into diverse funding sources whilst maintaining the current credit ratings.
With orders coming from over 100 new accounts and the orderbook of approximately $45 billion, the issuance was more than 6.3 times oversubscribed, marking a record for Abu Dhabi.
The 30-year bonds were particularly well received by international investors, who accounted for 98 percent of the final geographical allocation in this tranche, showcasing trust in Abu Dhabi’s ability to deliver sustained, long-term economic growth.
In October 2019, Abu Dhabi issued $10 billion multi-tranche bond that likewise received overwhelming global investor response, reflecting the strong investor confidence in the emirate’s solid credit fundamentals, underpinned by modest levels of debt and a solid asset base, including two of the world’s largest sovereign wealth funds.
