Abu Dhabi’s sovereign wealth fund ADQ is set to follow the emirate’s government into the debt market with its first dollar bond.
Author of the article:
Bloomberg News
Olga Voitova
Published Apr 29, 2024 • Last updated 4days ago • 1 minute read
(Bloomberg) — Abu Dhabi’s sovereign wealth fund ADQ is set to follow the emirate’s government into the debt market with its first dollar bond.
We apologize, but this video has failed to load.
Try refreshing your browser, or
tap here to see other videos from our team.
Abu Dhabi Sovereign Wealth Fund Plans Debut Dollar Bond Sale Back to video
ADQ, which is wholly owned by the government of Abu Dhabi, may sell US dollar-denominated, benchmark size senior unsecured bonds with maturities of five and 10 years, said a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. A global investor call on the debut offering was also scheduled for today.
Advertisem*nt 2
Story continues below
This advertisem*nt has not loaded yet, but your article continues below.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, Victoria Wells and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, Victoria Wells and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
Sign In or Create an Account
or
View more offers
Article content
Article content
The move comes after Abu Dhabi, the capital of the United Arab Emirates, sold its first eurobonds since 2021 a week ago and raised $5 billion in one of the biggest deals from emerging markets this year. Companies owned by the emirate had approximately $113 billion borrowed and outstanding at the end of 2023, the sheikhdom said in its recent bond prospectus.
Read more: Abu Dhabi Raises $5 Billion With First Eurobond in Three Years
The company, which says it contributed approximately 22% to Abu Dhabi’s non-oil GDP in 2023, holds assets that include Emirates Water and Electricity Company, Emirates Nuclear Energy Corporation or ENEC, Etihad Airways PJSC and Abu Dhabi Airports Co., as well as other agriculture, health-care and logistics enterprises.
ADQ recently said it would explore possible investments in Kenya worth as much as $500 million and launched a $180 million technology-focused fund targeting opportunities in Oman’s digital economy.
Citigroup Inc., Crédit Agricole CIB, First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Holdings Plc and Standard Chartered Plc will act as global coordinators and joint active bookrunners.
—With assistance from Archana Narayanan.
Article content
Comments
You must be logged in to join the discussion or read more comments.
Create an AccountSign in
Join the Conversation
Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.
Trending
- Killer TD variable rate mortgage could be sign of better deals to come
- David Rosenberg: Why the Bank of Canada needs to start cutting rates … Now
- Posthaste: Capital gains tax hike will hit more Canadians than we thought
- Want to appeal a CRA assessment? Better not be one day late, as this taxpayer found out
- Loblaw CFO pushes back on boycott’s unfair food-pricing claims
Read Next
This Week in Flyers
