The Emirate of Abu Dhabi has entered the market with a US dollar-denominated bond offering, structured as a Reg S 144A issuance. The initial price guidance for the three-year tranche is set near US Treasuries plus 40 bps, while the 10-year tranche is guided toward 55 bps over the benchmark. Investor interest has been robust, with the order book surpassing $10 billion as of 11:00 am Dubai time, with a slight preference shown for the longer, 10-year maturity. These senior unsecured notes, which carry expected ratings of AA/AA (S&P/Fitch), will be dual-listed on the London and Abu Dhabi exchanges.
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