Abu Dhabi says the strong investor demand for its US$3 billion (Dh11bn) bond issue is testimony to its solid economic fundamentals and will help the emirate diversify its funding needs in the future.
“We have seen significant demand for the issue with a total order book of US$11.8bn ... a testament of international and regional investors recognition of Abu Dhabi’s strong economic fundamentals,” said Hamad al Suwaidi, undersecretary at the Department of Finance in Abu Dhabi. He added that despite the change in market conditions, the Emirate had been able to secure the same conditions as for its $1bn (Dh3.68bn) bond issued in July 2007.
The bond, which is part of a $10bn programme, was priced last night after being marketed to US and European investors.
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