Abu Dhabi Securities Exchange (ADX) announced today that it has listed USD 1 billion of bonds issued by Abu Dhabi Ports. The 10-year bonds, with a primary listing on the London Stock Exchange, are rated A+ (stable) by S&P and A+ (stable) by Fitch, and were 4.5 times over-subscribed. The Notes mature on 6 May 2031 and carry a coupon of 2.5% per annum.
Bond market development isa key part of the Abu Dhabi exchange’s“ADX One” strategy, which aims to increase liquidity and broaden the market’s offering of products and services. In the last year the ADX has attracted exchange traded funds (ETFs) and listings on the Second Market, and the launch of a derivatives market is scheduled for late 2021.
The listing of Abu Dhabi Ports bonds follows the listing on ADX in April of 1.1 billion euros of bonds issued by Mamoura Diversified Global Holding, a debt issuing entity of Mubadala Investment Company.
Saeed Hamad Obaid Al Dhaheri, Chief Executive Officer of ADX, said: “We welcome the listing of Abu Dhabi Ports’ bonds on the ADX as the exchange continues to deepen the marketplace, providing investors with high quality access to regional investment opportunities. This year, we have seen a significant increase in liquidity and an acceleration in the growth in market capitalisation, which has made the ADX the second largest market in the MENA region. As we invest further in technology, and broaden our products and services, ADX is well positioned to build a strong pipeline of listings.”
Capt. Mohamed Juma Al Shamisi, Group CEO, Abu Dhabi Ports, said:“Our recent bond issuance attracted strong global interest, achieving the lowest coupon by an Abu Dhabi government owned entity for a 10-year tenor. This is a strong vote of confidence in our strategy and in the UAE economy and leadership. We have successfully consolidated and integrated our ports, industrial, logistics, maritime and digital entities while increasing volumes and revenues. Today, we are a regional pioneer supporting the growth of Abu Dhabi and the UAE, and driving innovation and development across the global maritime and logistics industries.”
Trading on ADXhas increased notably this year, as the exchange’s market capitalization increased 27% during the first quarter to a record AED 940 billion and the benchmark ADX index advanced 30%.
