TDIC sells $1b in bonds to fund its projects

Abu Dhabi-based Tourism Development and Investment Company (TDIC) said on Wednesday it had sold $1 billion of five-year bonds under the $3 billion Global Medium Term Note programme to fund projects.

"The issue of notes attracted substantial interest from global investors, with a total order book exceeding $6 billion from approximately 300 investors," TDIC, which manages the development of real estate assets held by the Abu Dhabi Government, said in a statement.

"The final allocation of TDIC's $1 billion five-year issue was priced at 390 bps over US Treasuries."