Abu Dhabi books $30bn, will price inside Saudi
Abu Dhabi was on track on Tuesday morning to print the second blowout trade from the Gulf in a week following Saudi Arabia's $12.5bn sale last Wednesday. It was also able to drive pricing through Saudi Arabia’s secondary curve, having taken orders of $30bn.
The expected $10bn trade — split, like Saudi's deal was across five, 10 and 30 year tranches — will be Abu Dhabi's largest ever.
Investors looked at Saudi Arabia’s recent trade as a point of comparison. Abu Dhabi is rated Aa2/AA/AA — better than Saudi, which is rated A1/—/A+.
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