Abu Dhabi $5 billion sovereign bond issue

Overview:

• The Emirate of Abu Dhabi issued $5 billion in bonds in two tranches to fill a budget deficit caused by the low oil prices.
• The global price slump is expected to cause a deficit of Dh36.9 billion for 2016 in the emirate. 
• The AA rated bonds - the first issued by the UAE's wealthiest emirate since 2009 - were sold in two tranches, with five and 10 year tenors, and listed on the LSE. 

Ben Naylor - Regional Editor