Abu Dhabi sold $10 billion of bonds in a three-part deal in its first international offering in two years as it takes advantage of relatively low borrowing costs.
The oil-rich emirate sold $3 billion of five-year fixed notes, $3 billion of notes due 2029 and $4 billion of 30-year notes.
The sovereign -- which boasts the third-highest grade from Moody’s Investors Service and S&P Global Ratings -- didn’t need to offer an extra premium to its yield curve to attract investors.
DETAILS OF ABU DHABI’S BOND SALE:
- Debt due 2024 at yield premium of 65 basis points more than Treasuries of similar maturity versus initial price thoughts of 80 basis points.
- Securities due 2029 at a spread of 85 basis points versus indicative pricing of about 100 basis points.
- And 2049 bonds at 110 basis points compared with an earlier guidance of 125 basis points.
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