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."
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The Written World: How Literature Shaped History
Martin Puchner
Granta
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
