Abu Dhabi plans first bond issue since 2009

19/04/2016 05:28 AST

Abu Dhabi is sounding out investors about plans to issue bonds for the first time in more than seven years as the government seeks to bolster finances against the backdrop of slumping oil prices.

The emirate, holder of about 6 per cent of the world’s oil reserves, will hold meetings with fixed-income investors in the UAE, Europe and the US starting on April 19, according to a person with knowledge of the plan. A sale of dollar-denominated benchmark-sized Regulation S and 144A securities may follow, subject to market conditions, said the person, asking not to be identified because the information is private.

Abu Dhabi last tapped investors with a bond in April 2009, selling $1.5 billion in 10-year securities, according to data compiled by Bloomberg. The emirate has the third highest investment grade rating from Standard & Poor’s. The Abu Dhabi government’s deficit will decline to 11.6 per cent of gross domestic product in 2016 from 13.2 per cent last year amid oil’s plunge, Fitch Ratings said in a report in February.

A declining oil price is straining government budgets across the Middle East, where energy-exporters including Saudi Arabia, Kuwait and Qatar, ran surpluses before oil began its descent in 2014.

Bank of America Merrill Lynch, Citigroup Inc. and JPMorgan Chase & Co. are managing Abu Dhabi’s planned bond sale.


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