Abu Dhabi’s TDIC Plans 5-Year Benchmark Dollar Bond, Banker Says

Tourism Development & Investment Co., a state-owned developer of hotels in the emirate of Abu Dhabi, plans to offer five-year benchmark bonds to fund its projects, a banker familiar with the transaction said.

The U.S. dollar bond may be priced to yield 400 basis points over the similar maturity U.S. Treasuries, said the banker, who declined to be identified because the deal is private.

The bond was rated Aa2 by Moody’s Investors Service yesterday as the developer aims to raise a total of $3 billion.

Tourism Development’s unit TDIC Finance Ltd., a Cayman Island-based company, plans to issue the notes, Moody’s said. An Aa2 rating is the third-highest investment grade score.END