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Abu Dhabi Development Holding (ADQ) has priced its $1 billion dual tranche senior unsecured bond following strong investor interest, with books of more than $7 billion.
The five year-tranche has a coupon rate of 4.50%, yield 4.635% and spread: T+ 85bp. The 10-year tranche has a coupon rate of 5%, yield of 5.129% and spread of UST + 95bp.
Spreads tightened over night after strong investor interest on Tuesday, when initial price thoughts (IPTs) were in the T+ 115 and T+125 area.
ADQ is the Abu Dhabi Government’s newest sovereign, holding key assets including Etihad Airways, Abu Dhabi Securities Exchange (ADX) and the national railway project Etihad Rail.
Active joint lead managers and active bookrunners are ADCB, Barclays, Citi, ENBD Capital, HSBC, Industrial and Commercial Bank of China (ICBC) and IMI-Intesa Sanpaolo. FAB was passive bookrunner.
(Writing by Imogen Lillywhite; editing by Seban Scaria )
