Abu Dhabi completes $5bn bond issue to support non-oil expansion

Abu Dhabi completes $5bn bond issue to support non-oil expansion

Abu Dhabi has announced it has successfully completed a $5 billion multi-tranche bond offering to allow the emirate to focus on sustaining non-hydrocarbon sector expansion.

Underpinned by strong investor appetite, the bonds are priced at historic low yields and the issuance comprises three tranches - a $2 billion 3-year tranche, a $1.5 billion long 10-year tranche, and a $1.5 billion 50-year tranche.

The 50-year tranche is the longest term for a bond issued by a GCC sovereign issuer, a statement said.

The bond issuance was 4.8 times oversubscribed at peak orderbook, with orders coming from over 60 new accounts and an orderbook which peaked at $24 billion, it added.

The 50-year bonds were particularly well received by international investors, who accounted for 95 percent of the final geographical allocation, showcasing trust in Abu Dhabi's