The Abu Dhabi government listed $5.3 billion in bonds on the Abu Dhabi Securities Exchange (ADX) on June 21, 2024 — its first eurobond issuance since 2021 and one of the largest emerging-market debt deals of the year.
Three-Tranche Bond Structure
The ADX bond listing was structured in three tranches:
Five-Year Tranche - Value: $1.75 billion - Yield: 4.97% - Spread: 35 basis points over US Treasuries - The yield tightened significantly from initial guidance of 70 basis points, reflecting strong investor demand.
2034 Maturity Tranche - Value: $1.5 billion - Yield: 5%
Longest-Dated Tranche - Value: $1.75 billion - Yield: 5.5% - Spread: 90 basis points
Abu Dhabi's Return to International Bond Markets
The listing comes after Abu Dhabi sold its first eurobonds since 2021 in May 2024 — a deal widely regarded as one of the biggest from emerging markets that year.
S&P Global Ratings assigns Abu Dhabi an AA rating, placing it alongside sovereigns such as the UK, France, and Qatar. That credit standing helps the emirate maintain tight spreads and attract deep pools of institutional capital.
ADX Strengthening Its Capital Markets Role
ADX has been steadily expanding its role as a destination for major bond and sukuk listings. Earlier in 2024, Mubadala Investment Company listed a large dual-currency bond on the exchange, reflecting the bourse's increasing importance in international capital markets.
Other notable recent listings include green bonds from Mubadala, First Abu Dhabi Bank, Masdar, and TAQA — demonstrating that ADX has become a preferred platform for sustainable finance in the region. These listings align with the UAE's broader push to diversify its economy and build out a world-class financial infrastructure.
