Abu Dhabi's US$10bn bond sale was three times oversubscribed with more than 75 per cent of the orders coming from investors in developed markets, where bond yields are relatively low.
"The strong reception of the offering in the international debt capital markets is a clear testament to Abu Dhabi's solid and strong credit story," said Riyad Abdulrahman Al Mubarak, the chairman of the Department of Finance. "As we look ahead, we will continue to prudently manage our indebtedness levels, which are currently one of the lowest globally.”
The issue, scheduled to settle on October 11, is Abu Dhabi's second foray into the international debt market in less than two years. The emirate, which accounts for about 6 per cent of the world's proven oil reserves, last tapped the market with a $5bn in April 2016. Abu Dhabi, like its GCC peers is seeking to diversify its sources of funding amid lower oil prices.
Saudi Arabia, Opec's biggest oil producer, also secured $12.5bn from its second bond sale this year. Oman, Qatar, Bahrain and Kuwait have shored up their finances through domestic and international bond deals over the last two years. The Abu Dhabi takes bond deals from the Middle East and North Africa to a record $89 billion this year, according to data compiled by Bloomberg.
The Abu Dhabi sale, which attracted about 500 orders worth $30bn , was 78 per cent allocated to foreign investors with the remaining 22 per cent going to investors from the Middle East .
Bank of America Merrill Lynch, Citigroup, First Abu Dhabi Bank, HSBC and JP Morgan were joint lead managers and bookrunners. Abu Dhabi Commercial Bank and Union National Bank were the co-lead managers.
The bonds were sold in three tranches. The first 2.5 per cent $3bn tranche that matures in 2022 was sold at 65 basis points over US treasuries. The second 3.125 per cent $4bn tranche that matures in 2027 was priced at 85 basis points over the US benchmark, while the third $3bn tranche offering 4.125 per cent which matures in 2047 was sold at 130 basis points above treasuries.
In terms of the geographical spread of the foreign investors, the US took the lion's share of the paper with American buyers making up 41 per cent of those who purchased the 5-year bond, 31 per cent of the 10-year bonds, and 47 per cent of the 30-year bonds.
Fund managers were the biggest buyer of the bonds, followed by banks and private banks, according to the Department of Finance.
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Global yield hunters are hawkish on GCC bond market, Deutsche Bank says
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nvestors from developed markets like the US and Europe are particularly interested in emerging market dollar bonds from highly rated states like Abu Dhabi because of the low yields they get on bonds issued in their domestic markets .
"We are pleased to witness investors' high confidence in the Emirate's fundamentals – namely, our wise leadership, focused growth strategy and high buffers. These strengths have collectively created a diverse, robust and sustainable economy."
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
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Fifa Club World Cup quarter-final
Esperance de Tunis 0
Al Ain 3 (Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
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The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Zayed Sustainability Prize
COMPANY%20PROFILE
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
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APPLE IPAD MINI (A17 PRO)
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What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
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