Economy
Abu Dhabi Returns to Dollar Bond Market With Multi-Tranche Deal

(Bloomberg) — Abu Dhabi is back in the dollar bond market, extending a debt binge by countries raising cash buffers to weather the pandemic.
The Gulf emirate plans a three-part offering, according to a person familiar with the matter. The indicative pricing on the longest tranche of 50 years is in the 3% area, the person said, who isn’t authorized to speak publicly and asked not to be identified.
With the global economy on a slow path to recovery, corporate treasurers around the world are looking to stockpile cash, even if it means paying more. Abu Dhabi is among the list of countries selling bonds to bolster their finances in the face of lower oil and gas prices.
Brent crude, the international oil benchmark, has averaged about $42 a barrel this year, down about one-third from last year. Prices are still recovering after being hammered earlier this year by a combination of the pandemic and a brief price war between Saudi Arabia and Russia.
Abu Dhabi raised $7 billion in April also through a three-tranche bond offering and added another $3 billion to it a month later.
-
Banking & Finance2 months ago
National Finance Reinforces Position as Partner for Growth, Offers a Comprehensive Product Suite to Support Customer Ambitions
-
OER Magazines1 month ago
OER, July 25
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, July 25
-
Education2 months ago
Russia offers diverse tourism and education opportunities: Sofia Malyavina
-
Digital2 months ago
Russia’s Digital Frontier: An Inside Look with Alexey Goreslavsky of IRI
-
News4 weeks ago
OpenAI Strengthens ChatGPT’s Mental Health Safeguards Ahead of GPT-5 Launch
-
Energy2 months ago
Oman Investment Authority launches the Sultanate’s First Energy Transition Fund
-
Banking & Finance2 months ago
Sohar International Partners as Main Sponsor for Refill 3, a Culinary and Cultural Festival Driving Tourism in Khareef Dhofar