Abu Dhabi is setting the tone for its 2026 funding calendar, instructing a syndicate of international banks to arrange a dual-tranche US dollar sovereign bond — its first outing of the year.
The deal is structured in two slices: a five-year note guided around US Treasuries plus 50 basis points, and a 10-year tranche at roughly Treasuries plus 55 basis points. Both are expected to launch as benchmark-sized offerings, aimed squarely at global institutional investors seeking high-grade Gulf exposure.
A heavyweight lineup has been tapped to steer the transaction, with regional and international lenders acting as joint lead managers and bookrunners. A select group within that syndicate will also serve as global coordinators, overseeing execution across markets. Settlement responsibilities have been split between banks for each maturity, streamlining delivery across the two tranches.
The bonds will be issued under the emirate’s Global Medium Term Note Programme and listed on both the London Stock Exchange and the Abu Dhabi Securities Exchange. The offering falls under Regulation S Category 1 format and will adhere to applicable stabilisation guidelines.
Abu Dhabi enters the market backed by solid credit credentials: Aa2 from Moody’s Investors Service and AA ratings from both S&P Global Ratings and Fitch Ratings — all carrying stable outlooks. The new notes are expected to align with those high-grade assessments.
The emirate’s last appearance in international bond markets came in September, when it secured $3 billion across two maturities, including a shorter three-year tranche and a longer 10-year issue.
With this latest mandate, Abu Dhabi signals it is comfortable stepping back into global markets early in the year — capitalising on steady demand for top-tier sovereign paper from the Gulf.
