Abu Dhabi achieves 'unprecedented' pricing on $3bn tap

Abu Dhabi_ Adobe Stock_ 230x150
By Ross Lancaster
20 May 2020

The Emirate of Abu Dhabi took full advantage of a ready and willing investor base on Tuesday looking for high quality emerging markets to buy in the coronavirus pandemic, driving down pricing on a triple tranche tap to levels that leads saw as 5bp inside the issuer's own curve.

The result was “unprecedented”, said a banker on the deal. Another could not remember another time in his career that an issuer had been able to price a tap inside the previous day’s trading level of the bonds being tapped.

The sovereign issued the original notes last month, forming ...

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