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ADQ’s $2bn bond issue draws fourfold demand

By Pramod Kumar
ADQ owns a stake in Abu Dhabi Ports Co. The fund’s assets under management reached $225 billion at the end of June 2024 Wam
ADQ owns a stake in Abu Dhabi Ports Co. The fund’s assets under management reached $225 billion at the end of June 2024

Order books for the $2 billion bond sale by Abu Dhabi’s ADQ crossed $8 billion as it plans to diversify it funding sources to support new acquisitions.

The sovereign wealth fund issued two tranches: a $1 billion seven-year bond at 85 basis points (bps) over US Treasuries and a $1 billion 30-year bond priced at 120 bps, financial news service IFR reported.

The fund’s assets under management reached $225 billion at the end of June, Reuters reported, citing an investor presentation.

Last month, ADQ acquired a minority stake in British auction house Sotheby’s after announcing a joint investment of $1 billion with Patrick Drahi, a majority owner of Sotheby’s, to support its expansion plans.

Among the notable investments by ADQ is the $35 billion deal signed with the Egyptian government to develop Ras El Hekma.

ADQ was established in 2018 and is chaired by Sheikh Tahnoon bin Zayed Al-Nahyan, who is the UAE’s national security adviser and the brother of its president. 

The Abu Dhabi government transferred its stakes in 13 companies to ADQ in 2019.

These included Abu Dhabi Power Corporation (since merged with Taqa), Abu Dhabi Ports Co, Etihad Rail, Abu Dhabi Health Services Company, National Health Insurance Company (Daman) and Abu Dhabi Airports Co.

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