Abu Dhabi to launch dollar bond within a year
London, June 25, 2011
Abu Dhabi is likely to issue an international bond in the next 6 to 12 months, a senior debt management official said.
'I expect we would come to the market within the next 6-12 months to refresh our benchmarks in the dollar market .....5 or 10-year would be the natural thing to do for us,' Lars Boman, senior adviser at Abu Dhabi's Debt Management Office, told a Euromoney conference.
The likely size would be 'at least a billion' dollars, he later told reporters on the sidelines of the conference.
Abu Dhabi is seen finding favour among investors as a safe haven due to unrest elsewhere in the Mena region.
The emirate is trying to curtail bond sales by state entities and centralise fundraising through the debt management office in a bid to crackdown on undisciplined issuance.
Abu Dhabi's International Petroleum Investment Company (IPIC) held non-deal investor meetings last week and said it would coordinate any future issuance with the emirate's debt management office.
Its Tourism Development & Investment Co. (TDIC) has also appointed banks to sell bonds from its existing $3 billion bond programme, with roadshows planned in the last week of June or early July, sources told Reuters last week.-Reuters
More Finance & Capital Market Stories
- Saudi inflation plunges to four-year low
- UAE investment appetite 'strengthens' says expert
- Dubai mulls rule change to woo domiciled funds
- UAE, Abu Dhabi roll over $20bn of Dubai's debt
- Saudi can achieve 4.4pc growth this year
- Emaar listing of retail unit 'within months'
- Dubai Investments nets $29m profits
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m