Fixed Income Pulse: London welcomes Emirate of Abu Dhabi's $10bn issuance
Fixed Income Pulse: London welcomes Emirate of Abu Dhabi's $10bn issuance
Posted: 10 October 201910 October 2019
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London Stock Exchange welcomed Emirate of Abu Dhabi’s third sovereign bond transaction, raising $10bn in three tranches in the largest sovereign transaction on London’s markets in 2019. The deal follows successful issuances from the Emirate of Abu Dhabi in 2016 and 2017. The bond attracted orders of more than $25bn from more than 650 accounts, helping achieve impressive pricing. All three tranches of the transaction priced 15bp inside the initial price guidance, achieving a well-diversified book by geography and type of investors. The Emirate of Abu Dhabi priced the transaction without a deal roadshow, testament to the Abu Dhabi’s strong reputation with global institutional investors, one of the strongest credit ratings in the region and continuous investor engagement. |
Global investor base for the Abu Dhabi Sovereign bond
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Emirate of Abu Dhabi sovereign bonds listed on London Stock Exchange’s Main Market
| Price Date | Nominal Size | Tranches |
|---|---|---|
| 23/09/2019 | $10 bn | $3bn (2.125%, 5Y) $3bn (2.500%, 10Y) $4bn (3.125%, 30Y) |
| 03/10/2017 | $10bn | $3bn (2.500%, 5Y) $4bn (3.125%, 10Y) $3bn (4.125%, 30Y) |
| 26/04/2016 | $5bn | $2.5bn (2.125%, 5Y) $2.5bn (3.123%, 10Y) |
London remains the preeminent global exchange for jumbo transactions, as highlighted by the chart below.
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London Stock Exchange
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