Abu Dhabi’s $5b bond issue oversubscribed, indicating confidence | GulfNews.com:
"Investors lined up over $17 billion (Dh62.4 billion) for Abu Dhabi’s $5 billion bond issue, which is being viewed as a vote of confidence for the emirate.
Abu Dhabi, which has a AA sovereign rating and one of the world’s lowest debt to GDP ratio, marked a return to the bond market after a gap of seven years. The Abu Dhabi government announced in December that it expects to post a budget deficit of Dh36.9 billion in 2016. Industry watchers say it received robust response for the bond issue, which was partly intended to plug the deficit.
“Investors are comfortable in investing in Abu Dhabi debt, and there is that confidence in the ability and the capacity of the government to pay them that debt,” Nadi Bargouti, Managing Director - Head of Asset Management at Emirates Investment Bank told Gulf News."
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