Advanced Theory & Practice of Bonds

IBF Recognized Under FTS | (7-8 June 2022 | 9am to 5pm SG/HK)

State-owned port operator Abu Dhabi Ports raised $1bn via a 10Y bond at a yield of 2.739%, 110bp over Mid Swaps and 35bp inside initial guidance of MS+145bp area. The bonds have expected ratings of A+/A+, two notches below Abu Dhabi’s rating of AA/AA/Aa2. The company’s debut dollar bond met with strong investor demand as orders exceeded $4.6bn, 4.6x issue size. This comes just days after Abu Dhabi Ports raised $1bn via loans from nine banks including Citi, FAB, HSBC and Standard Chartered.

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Another state-owned company from the GCC, Oman’s OQ SAOC raised $750mn via a 7Y bond at a yield of 5.125%, a solid 50bp inside initial guidance of 5.625% area. OQ’s debut international bond is expected to be rated BB-, in line with Oman’s sovereign rating. The issue met with strong demand from investors with orders of over $4.5bn, 6x issue size. OQ’s new bonds offer a decent yield pick-up of ~45bp over Oman’s 5.625% bonds due 2028 that are currently trading at 105.37, yielding 4.68%. This comes after Oman signed a $2.2bn loan agreement with a group of banks, as per Nasdaq sources.

For the full story, click here

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