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By Yousef Saba
DUBAI, April 28 (Reuters) - State-owned Abu Dhabi Ports on
Wednesday sold $1 billion in 10-year bonds after receiving more
than $4.6 billion in orders for the debt sale, which it will use
for general corporate purposes, a document showed.
The bonds were sold at 110 basis points (bps) over
mid-swaprs, which was tightened from initial guidance of around
145 bps over mid-swaps, the document from one of the banks on
the deal showed.
Citi, First Abu Dhabi Bank, Standard
Chartered, HSBC, Mizuho, Societe
Generale, BNP Paribas, Credit Agricole
and SMBC Nikko arranged the deal.
Reuters reported on Sunday that Abu Dhabi Ports had secured
a $1 billion loan from nine banks including Citi, FAB, HSBC and
Standard Chartered. A source said it was also planning a bond
sale.
Abu Dhabi Ports, which is owned by the emirate's holding
company ADQ, owns and operates 11 ports and terminals in the
United Arab Emirates and Guinea.
Fitch Ratings and S&P Global Ratings both assigned Abu Dhabi
Ports an A+ rating last week.
Issuers in the Gulf have been taking advantage of low rates
to raise debt as the region emerges from an economic downturn
caused by the COVID-19 pandemic and last year's oil price
plunge.
ADQ, which sovereign wealth fund tracker Global SWF said
last month was worth $110 billion, has gained prominence in the
past year as Abu Dhabi consolidated several government assets
under its banner.
Another ADQ subsidiary, power utility TAQA, raised $1.5
billion in a bond deal last week. Food and beverages group
Agthia, also owned by ADQ, mainly used bank debt to finance its
acquisition of three quarters of Egypt's Ismailia Agricultural
and Industrial Investment.
(Reporting by Yousef Saba; Editing by Christian Schmollinger
and Bernadette Baum)
