UAE, Mideast News: Abu Dhabi Follows Qatar in Bond Sales - Bloomberg:
Abu Dhabi joined other Middle Eastern states selling foreign bonds to bolster their finances in the face of falling energy prices and the coronavirus pandemic.
The emirate attracted more than $25 billion of orders as it issued a $7 billion deal, comprising $2 billion of five-year bonds, $2 billion of 10-year debt and $3 billion of 30-year notes. It follows Qatar, which printed a $10 billion Eurobond on Tuesday, and Israel, which sold $5 billion last week.
They have all offered premiums to their existing securities to attract investors after the coronavirus shut bond markets for most developing-nation borrowers in March.
“Qatar and Abu Dhabi were obvious candidates to open the floodgates,” said Angad Rajpal, the head of fixed income at Emirates NBD Asset Management in Dubai. “Given expectations for a slow recovery in the second half of the year, these issuers have probably established that this is the most conducive window to issue in.”
No comments:
Post a Comment