gulfnews : Abu Dhabi will not guarantee $3b worth of tourism development bonds

The Abu Dhabi Tourism Development and Investment Co said its planned sale through a $3 billion (Dh11 billion) notes programme won't be guaranteed by the Abu Dhabi government.

The subsidiary of the Abu Dhabi Tourism Authority has 'no assurance that the government would assist the group in repaying or refinancing any of its commercial debt,' according to the bond prospectus distributed at an investors meeting in Dubai yesterday and obtained by Bloomberg News at presentation to potential investors yesterday.

The TDIC's commercial debt amounted to Dh10.5 billion ($2.9 billion) at the end of December.

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