UAE – Mubasher: Abu Dhabi has issued multi-tranch sovereign bonds at a total value of $3 billion by reopening its bond issuance programme, according to the emirate's media office.

The issuance, three equal tranches with five, 10, and 30-year maturities, was seven times oversubscribed with an order book of $21 billion.

The tap issue is a continuation of Abu Dhabi's $7 billion bond issuance in April, which saw a strong demand reflecting the investors' confidence.

Abu Dhabi is raising money via bond markets to protect its economy from the impacts of the coronavirus (COVID-19) and the fluctuating oil prices.

Meanwhile, the UAE's capital maintains low debt levels, with total government debt recording 12.1% of the gross domestic product (GDP) at the end of 2019.

International investors represent 98% of the final geographical allocation in this tranche, reflecting Abu Dhabi's long-term economic growth.