The Emirate of Abu Dhabi is returning to the international debt markets for the second time this year, with a two-part dollar-denominated offering to take advantage of lower borrowing costs.
According to Arab Net, the emirate is selling debt maturing in 10 years, with talk of an initial price of about 90 basis points over US Treasuries of similar maturity, it reported. Bloomberg, citing a person familiar with the matter.
It also offers 30-year securities with an initial spread of 130 basis points.
The bond may be priced today, Wednesday, and the yield on its 2028 bond, which Abu Dhabi sold in May, is trading near an all-time low of 1.56. % reached at the end of August.
Abu Dhabi, the richest of the seven emirates that make up the United Arab Emirates, has a debt rating of AA by S&P Global Ratings.
The bond offering is managed by BNP Paribas, First Abu Dhabi Bank, JPMorgan, Morgan Stanley and Standard Chartered.
