Abu Dhabi’s sovereign-backed investment arm, Mamoura Diversified Global Holding (MDGH), has successfully priced a AED 1 billion ($272 million) five-year Reg S bond, offering investors a 4.20% coupon. The final pricing came in tighter than initial guidance of 4.45%, reflecting strong market interest.
Investor demand was robust, with orderbooks exceeding AED 4.7 billion, even before taking joint lead manager interest into account. The senior unsecured bond, issued under MDGH’s GMTN program and guaranteed by Mamoura, is set to settle on October 23. Fitch anticipates an AA rating, aligning with the guarantor’s Aa2/AA/AA credit profile.
A consortium of international banks managed the deal, including Abu Dhabi Commercial Bank, Bank of China, Citigroup, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, HSBC, ICBC, National Bank of Kuwait, and Standard Chartered. The bond will be listed on the London Stock Exchange Main Market.
This comes shortly after MDGH raised $750 million through a 10-year dollar-denominated bond priced at 55 basis points over US Treasuries, highlighting continued investor confidence in Abu Dhabi’s sovereign-backed issuances.
