Abu Dhabi in talks with banks for new international bond deal, sources say | ZAWYA MENA Edition:
The government of Abu Dhabi is in talks with banks for a new international bond issue, sources said, having already raised $10 billion via debt issues this year to prop up its finances amid low oil prices and the coronavirus crisis.
Hydrocarbon-dependent Gulf states have raised billions of dollars to refill state coffers this year and more deals are expected in coming months, with ratings agency S&P predicting a record $100 billion jump in debt this year.
Oil-rich Abu Dhabi - rated AA by Fitch and S&P and Aa2 by Moody's, making it overall the highest-rated sovereign issuer in the Gulf - raised $10 billion through an initial $7 billion bond in April which was re-opened the following month.
It is now discussing a new transaction and has picked a group of banks to arrange it, said two sources familiar with the matter without identifying the banks involved.
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