Abu Dhabi Government Announces Repayment of Its Sovereign Bonds From the Year 2009

Press release
Published April 30th, 2019 - 05:25 GMT
Department of Finance in UAE
Department of Finance in UAE
Highlights
Department of Finance – Abu Dhabi (DoF) announced today that Abu Dhabi Government has repaid its sovereign bonds on April 8, 2019.

Department of Finance – Abu Dhabi (DoF) announced today that Abu Dhabi Government has repaid its sovereign bonds on April 8, 2019. The bonds were issued by Abu Dhabi Government in 2009 in two tranches of US $1.5 billion each, with a total value of US $3 billion. The first tranche with a value of US $1.5 billion for five years was due and repaid in 2014, while the second tranche of US $1.5 billion for 10 years, has now been repaid in April 2019.

H.E. Jassim Mohammed Buatabh Al Zaabi, Chairman of the Department of Finance, pointed out that the Abu Dhabi Government's repayment of these bonds reaffirms the high buffers and the vast financial reserves enjoyed by the emirate of Abu Dhabi. It also underscores the successful management of Sovereign Wealth Funds, as well as the government’s ability to issue successful bonds offering and repaying within the specified period.

H.E. said: “The Abu Dhabi Government has once again reiterated the resilience of its financial, monetary and economic policies, which have enabled it to brave economic challenges and decrease in oil revenues by diversifying the economy to maintain the stability of its strong credit profile and large fiscal buffers. This reinforces confidence in the emirate's economy and its ability to achieve sustainable growth. It is also key to increasing the strength of Abu Dhabi's economy in attracting foreign investments.”

These sovereign bonds, which at the time of their issuance were considered the largest of their kind in the Middle East, were assigned Aa2 credit rating by the global credit rating agency Moody's. Meanwhile, ratings agencies Fitch, Standard & Poor’s assigned AA credit rating – a testament to the robustness of Abu Dhabi's economy and its political and monetary stability.

Background Information

Department of Finance in UAE

The Department of Finance was established in 1962, and it plays a fundamental role in providing Abu Dhabi government entities with the best-in-class financial services and specialized solutions as well as managing available resources efficiently.

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