Abu Dhabi’s $7bn bonds listed on ADX

The Abu Dhabi Securities Exchange (ADX) has begun listing the multi-tranche $7 billion bond offering from the Abu Dhabi government. The listing comes at a time when the Gulf Cooperation Council’s debt markets are proving more resilient than other asset classes, including equity funds. The issuance was more than six times oversubscribed with orders in excess of $45 billion from 100 new accounts. The bond, which has a 30-year duration, was especially popular with overseas investors who accounted for 98% of the geographical allocation of this tranche. An earlier bond offering in October 2019 also proved popular with investors. According to the ADX, the bonds are part of the Abu Dhabi government’s medium-term strategy to optimise the emirate’s capital structure by tapping into diverse funding sources while maintaining its credit rating.  © 2020 funds global mena

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