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Abu Dhabi has mandated banks for its first sovereign deal of 2026, a dual-tranche dollar-denominated benchmark issuance, with IPTs at UST+50 bps for the five-year bond, and UST+55bps for the 10-year.
Abu Dhabi Commercial Bank, Bank of China, BofA Securities, BNP PARIBAS, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, HSBC, Industrial and Commercial Bank of China, JP Morgan, Societe Generale and Standard Chartered Bank are the joint lead managers and joint bookrunners on the issuance.
BNP PARIBAS, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, JP Morgan and Standard Chartered Bank have been named joint global coordinators.
JP Morgan is the billing and delivery bank on the five-year bond, with Standard Chartered Bank handling the 10-year debt.
Abu Dhabi is rated AA2 by Moody’s, AA by S&P and Fitch (all with a Stable outlook), with the issuance carrying an expected rating of AA by S&P and Fitch.
The senior unsecured Regulation S Category 1 bonds will list on the London Stock Exchange and Abu Dhabi Securities Exchange and will come under the sovereign’s Global Medium Term Note Programme.
FCA/ICMA stabilisation rules apply.
Abu Dhabi last issued bonds in September, raising $3 billion across two maturity periods, including a three-year $1 billion tranche, and a $2 billion tranche maturing in 10 years.
(Writing by Bindu Rai, editing by Seban Scaria)
