Crédit Agricole CIB acts as Global Coordinator and Joint Bookrunner on ADQ’s inaugural bond issuance

Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. It is 100% indirectly owned by the government of Abu Dhabi and rated Aa2 / AA by Moody’s and Fitch.

Tapping the bond markets is part of a significant step in diversifying ADQ’s funding sources and supporting its growth agenda, the proceeds from the offering will serve as growth capital and facilitate further investments in strategic initiatives that contribute to the realization of ADQ’s mandate.

Leveraging favorable market conditions and continued investor appetite for high-quality, investment-grade bonds by emerging market issuers, the combined order book peaked at over USD 11 billion, reflecting an oversubscription of more than 4.4 times.

At pricing, the annual coupon of the five-year USD 1.25 billion tranche was fixed at a rate of 5.498%, while the ten-year USD 1.25 billion tranche achieved a coupon rate of 5.5565% per annum. The issuance accomplished broad institutional distribution, attracting major investors across Asia, the US, the Middle East, UK and Europe.