By Rebecca Melvin
New York, Aug. 26 – The Emirate of Abu Dhabi has priced $5 billion of notes due in three years, 10.5 years and 50 years (/AA/AA), according to a market source on Wednesday.
The $2 billion tranche of ¾% notes due Sept. 2, 2023 priced at 99.763 to yield 0.83%, or a spread of 65 basis points over U.S. Treasuries.
The $1.5 billion of 1.7% notes due March 2, 2031 – a long 10-year note – priced at 99.694 to yield 1.732% or a yield spread of 105 bps over Treasuries.
The $1.5 billion of 2.7% notes due Sept. 2, 2070 priced at par for a spread over Treasuries of 130.6 bps.
Order books were more than $24 billion at the time the Rule 144A and Regulation S tranches were launched on Tuesday.
Citigroup, Deutsche Bank, First Abu Dhabi Bank, Morgan Stanley and Standard Chartered Bank were bookrunners of the deal.
The notes will be listed on the London Stock Exchange and Abu Dhabi Securities Exchange.
| Issuer: | Emirate of Abu Dhabi
|
| Issue: | Senior notes
|
| Amount: | $5 billion
|
| Bookrunners: | Citigroup, Deutsche Bank, First Abu Dhabi Bank, Morgan Stanley and Standard Chartered Bank
|
| Pricing date: | Aug. 26
|
| Settlement date: | Sept. 2
|
| Distribution: | Rule 144A and Regulation S
|
| Expected ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Three-year notes
|
| Amount: | $2 billion
|
| Maturity: | Sept. 2, 2023
|
| Coupon: | ¾%
|
| Price: | 99.763
|
| Yield: | 0.83%
|
| Spread: | Treasuries plus 65 bps
|
|
|
| 10.5-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 2, 2031
|
| Coupon: | 1.7%
|
| Price: | 99.694
|
| Yield: | 1.732%
|
| Spread: | Treasuries plus 105 bps
|
|
|
| 50-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Sept. 2, 2070
|
| Coupon: | 2.7%
|
| Price: | Par
|
| Yield: | 2.7%
|
| Spread: | Treasuries plus 130.6 bps
|
|
|
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