Abu Dhabi says $10 billion bond three times oversubscribed - The National

Abu Dhabi says $10 billion bond three times oversubscribed - The National:

"Abu Dhabi's US$10bn bond sale was three times oversubscribed with more than 75 per cent of the orders coming from investors in developed markets, where bond yields are relatively low. "The strong reception of the offering in the international debt capital markets is a clear testament to Abu Dhabi's solid and strong credit story," said Riyad Abdulrahman Al Mubarak, the chairman of the Department of Finance. "As we look ahead, we will continue to prudently manage our indebtedness levels, which are currently one of the lowest globally.” The issue, scheduled to settle on October 11, is Abu Dhabi's second foray into the international debt market in less than two years. The emirate, which accounts for about 6 per cent of the world's proven oil reserves, last tapped the market with a $5bn in April 2016. Abu Dhabi, like its GCC peers is seeking to diversify its sources of funding amid lower oil prices."



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