Economy
Abu Dhabi Selling Triple-Tranche Bonds; US$25bln Worth Orders Already In: Sources

Abu Dhabi is said to have already received more than US$25 billion in combined orders for a planned issue of dollar-denominated bonds, which it started marketing only earlier today.
According to a Reuters report, it started the process, following Qatar’s US$10 billion debt sale on Tuesday, in a bid to raise cash amid falling oil prices and the increasing impact of the coronavirus pandemic on the Gulf economies. The Emirate was looking to raise US$5 billion to US$7billion in tranches of five, 10, and 30 years.
The initial price guidance was given at around 265 basis points over U.S. Treasury’s for the five-year tranche, around 285 bps over the same benchmark for the 10-year tranche, and around 4.55% for the 30-year notes.
BofA Securities, Citi, First Abu Dhabi Bank, HSBC, JPMorgan, and Standard Chartered are working to arrange the debt sale, with the deal expected to close later today.
The price of OPEC basket of thirteen crudes stood at $22.67 a barrel on Tuesday, compared with $23.48 the previous day, according to OPEC Secretariat calculations.
Meanwhile, according to a Bloomberg report, the world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the US has said production will drop dramatically.
Oil has been seeing a plunge in prices, causing a rise in borrowing cost of Gulf oil-exporting countries, as some investors sold debt in consideration of the strain lower oil revenues would put on their budgets. Most of the Gulf nations are looking at debt-funding options to mitigate both the economic pressure and the impact of lowering oil prices.
-
OER Magazines2 months ago
OER, July 25
-
Alamaliktistaad Magazines2 months ago
Al-Iktisaad, July 25
-
News2 months ago
OpenAI Strengthens ChatGPT’s Mental Health Safeguards Ahead of GPT-5 Launch
-
Energy2 months ago
SOHAR Port and Freezone Signs MoU to Develop Natural Hydrogen Value Chain in Oman
-
OER Magazines3 weeks ago
Dossier – ToP 25 Personalities 2025
-
Banking & Finance2 months ago
Strong Performance and Strategic Approach: ahlibank announces Its Financial Results for the First Half of 2025
-
Economy2 months ago
Najla Zuhair Al Jamali Appointed President of bp Oman
-
News1 month ago
Ooredoo Wins Silver Stevie® Award for Diversity and Inclusion Excellence