Abu Dhabi sets spread on multi tranche offering of dollar notes

By Rebecca Melvin

New York, Sept. 23 – The Emirate of Abu Dhabi has set the yield spread on three tranches of U.S. dollar-denominated five-, 10- and 30-year notes (expected ratings: AA/AA) early Monday, according to a market source.

The spread for the five-year notes was set at U.S. Treasuries plus 65 basis points. The pricing was tight to initial price talk for a yield in the Treasuries plus 80 bps area.

The spread for the 10-year notes was for a yield of Treasuries plus 85 bps, which was tightened from initial talk for a yield in the 100 bps area.

The spread for the 30-year notes was set at Treasuries plus 110 bps, which was trimmed from initial price talk for a yield in the Treasuries plus 125 bps area.

The Rule 144A and Regulation S notes were being marketed by joint lead managers and joint bookrunners BNP Paribas, Citigroup, First Abu Dhabi Bank, HSBC and JPMorgan.

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