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Abu Dhabi launches $3 billion add-on notes due 2025, 2030 and 2050
By Rebecca Melvin
New York, May 19 – The Emirate of Abu Dhabi launched $3 billion in three add-on tranches of notes due in 2025, 2030 and 2050 (expected ratings: AA/AA) on Tuesday, according to a market source.
The $1 billion 2½% notes due April 16, 2025 launched at a Treasuries plus 135 basis points yield spread, which was tight to initial price talk for yield in the Treasuries plus 165 bps area.
The $1 billion of 3 1/8% notes due April 16, 2030 launched at Treasuries plus 150 bps, which was tight to initial talk for a spread in the Treasuries plus 185 bps area.
The $1 billion of 3 7/8% notes due April 16, 2050 launched at a 3¼% yield, which was tighter than initial price talk for a 3½% to 3.55% yield.
The Rule 144A and Regulation S notes were marketed by joint lead managers and joint bookrunners BNP Paribas, Standard Chartered Bank and JPMorgan.
The original deal sizes are $2 billion for the 2025 and 2030 notes and $3 billion for the 2050 notes.
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