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The US dollar 6.5 per cent bonds, maturing in July 2014, were priced to yield 390 basis points over similar maturity US Treasuries, said the banker, who declined to be identified before the sale is completed. Mubadala Development Co., another Abu Dhabi state-owned firm, issued five-year bonds in April priced to yield 395 basis points over Treasuries, Bloomberg data show.
TDIC got more than $6 billion bids for the issue, another banker said earlier. Abu Dhabi’s government and its state-affiliated firms are leading a borrowing surge from the Gulf region this year. TDIC’s issue follows recent state bond sales from Abu Dhabi’s government, Mubadala and Aldar Properties PJSC. Moody’s Investors Service this week rated TDIC’s credit Aa2 as the developer aims to raise a total of $3 billion through a medium-term note programme.
Tourism Development’s unit TDIC Finance Ltd., a Cayman Island-based company, will issue the notes, Moody’s said. An Aa2 rating is the third-highest investment grade. The proceeds will be used for general corporate purposes and to fund projects, according to Moody’s. BNP Paribas SA, Citigroup Inc., HSBC Holdings Plc and Standard Chartered Bank managed the deal, according to the banker.
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