Abu Dhabi sells first 30-year bond

Abu Dhabi sold 30-year bonds for the first time as part of a debt issue that raised a total of $10 billion.

The emirate sold $3 billion of 30-year bonds alongside five and ten-year paper. Reports suggest Abu Dhabi had orders of more than $30 billion.

Bond investors said the issuance was timed to gather assets before the US Federal Reserve raises interest rates, which some traders expect to happen in December.

About a week before Abu Dhabi’s issue, Saudi Arabia raised $12.5 billion in the biggest bond sale from an emerging market issuer this year.

With its large oil reserves, Abu Dhabi is considered a trustworthy borrower and has the highest credit rating in the Gulf region.

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