IFLR1000

Emirate of Abu Dhabi $10 billion triple tranche (2.125%, 2.5% and 3.125%) bond issue

30/9/2019
Investment grade bond/note issue, Sovereign bond issue
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$ 10 billion

Completed

30/9/2019

Overview:

  • The Emirate of Abu Dhabi issued a total of $10 billion in bonds in a Rule 144A/Regulation S offering under a global medium term bond programme.
  • The bond has three tranches ($3 billion 2.125% bonds due 2024, $3 billion 2.5% bonds due 2029 and $4 billion 3.125% bonds due 2049).
  • The bonds have a rating of Aa2 by Moody’s, AA by S&P and AA by Fitch. The ratings agencies also assigned stable outlooks to the bonds.
  • This issue is the emirate’s first debt issuance in two years.

Chynna Lewis – Researcher

Jurisdictions:

United Kingdom
United Arab Emirates

Deal types:

Investment grade bond/note issue
Sovereign bond issue

Practice area:

Capital markets : Debt

Industry sector:

Government and public policy

Firms:
Al Tamimi & Company

Party: Emirate of Abu Dhabi (Issuer)

Allen & Overy

Party: Emirate of Abu Dhabi (Issuer)

Davis Polk & Wardwell

Party: BNP Paribas (Joint lead manager, Bookrunner)

Party: Citigroup (Joint lead manager, Bookrunner)

Party: First Abu Dhabi Bank (Joint lead manager, Bookrunner)

Party: HSBC (Joint lead manager, Bookrunner)

Party: JP Morgan (Joint lead manager, Bookrunner)

Party: MUFG (Joint lead manager, Bookrunner)

Lawyers: John Taylor, Reuven Young

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