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Abu Dhabi counters oil slump with $10 bln bond sale

AFP  |  Abu Dhabi 

has raised USD 10 billion (8.5 billion euros) in a rare international bond sale, it said today, amid efforts by states to plug deficits caused by low prices.

It was just the second bond sale by the emirate, which has the Gulf's largest sovereign wealth fund, since prices slumped in mid-2014.

Abu Dhabi's department said the bonds were issued in three tranches maturing in five, 10 and 30 years, with interest ranging from 2.5 to just over four percent.

The richest of seven sheikhdoms that make up the United Arab Emirates, sits on the bulk of the federation's wealth.

In May last year, it raised USD 5 billion with its first bond sale in seven years.

Almost all the oil-rich Cooperation Council states, including OPEC kingpin Saudi Arabia, have resorted to debt markets to budget shortfalls since an oil price collapse slashed their revenues by hundreds of billions of dollars.

Last week, raised USD 12.5 billion from an international bond sale.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 21:13 IST