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The Emirate of Abu Dhabi launched a US $5bn two-part bond offering Monday at the tight end of price guidance, according to one of the lead managers. Abu Dhabi launched a US $2.5bn five-year at 85bp over US Treasuries, the tight end of guidance of 85bp-90bp, and a US $2.5bn 10-year at 125bp over Treasuries, compared to guidance of 125bp-130bp. Both spreads were significantly tighter than initial price thoughts of 110bp area and 150bp area set earlier on Monday. Bank of America Merrill Lynch, Citigroup and J.P. Morgan are the lead managers. Abu Dhabi is rated AA by Standard & Poor's and Fitch.

Copyright Reuters, 2016

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