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The order book for the transaction was 2.7 times oversubscribed, with a final investor allocation as follows: By geography- Americas, 42%; Europe, 25%; Middle East, 8%; Asia, 15%. By investor-type- Fund managers, 65%; Central banks, 7%; and banks, 28%.
The bond will serve to create a sovereign benchmark for the Emirate and set a reference for private and semi-private corporations and agencies looking to access the international capital markets.
The pricing of the bond follows a road show which started in Abu Dhabi and went on to include investor meetings in seven major financial centres around the globe. Deutsche Bank and Citigroup were joint lead managers for the bond.
His Excellency Hamad Al-Hurr Al-Suwaidi, Undersecretary, Department of Finance, Abu Dhabi, said:
'This transaction has succeeded in raising the profile of the Emirate in the international capital markets. We have been very pleased with the substantial level of interest from investors across the globe, and to achieve such an enthusiastic response at a time when financial markets are experiencing significant volatility. Investors have recognised Abu Dhabi's credit strength based on our strong and increasingly diversified economy as well as our long history of domestic political stability.'
Ahead of the launch of this transaction, The Emirate of Abu Dhabi was recently assigned long term foreign and local currency sovereign ratings by Standard & Poors ('AA'), Fitch Ratings ('AA') and Moody's ('Aa2'). These ratings make the Emirate of Abu Dhabi the highest rated sovereign in the Middle East.
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Posted by Medilyn Manibo, Assistant News Editor
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