Abu Dhabi Ports raises $1 Billion Mortgage
By Yousef Saba
9 banks supplied the power, with Citi and First Abu Dhabi Financial institution having lead roles within the transaction, the primary supply mentioned on situation of anonymity.
The supply added that HSBC and Customary Chartered have been additionally concerned within the mortgage for the corporate, which is owned by Abu Dhabi state holding firm ADQ.
Abu Dhabi Ports, FAB, HSBC and Customary Chartered didn’t instantly reply to Reuters requests for remark. Citi declined to remark.
Issuers within the Gulf have been elevating debt, in search of to learn from low charges because the area emerges from an financial downturn attributable to the COVID-19 pandemic and final 12 months’s oil worth plunge.
Abu Dhabi Ports was additionally more likely to situation bonds quickly, the second mentioned. Fitch Scores and S&P International Scores each assigned the corporate an A+ credit standing on Thursday.
ADQ, which sovereign wealth fund tracker International SWF mentioned final month was value $110 billion, has gained prominence up to now 12 months as Abu Dhabi consolidated a number of authorities property underneath its banner.
One other ADQ subsidiary, energy utility TAQA, raised $1.5 billion in a bond deal final week. Meals and drinks group Agthia, additionally owned by ADQ, primarily used financial institution debt to finance its acquisition of three quarters of Egypt’s Ismailia Agricultural and Industrial Funding.
(Reporting by Yousef Saba; Modifying by Edmund Blair)