Abu Dhabi Securities Exchange (ADX) announced todaythat it has listed USD 1 billion of bonds issued by Abu Dhabi Ports. The 10-year bonds, witha primary listing on the London Stock Exchange, are rated A+ (stable) by S&P and A+(stable) by Fitch, and were 4.5 times over-subscribed. The Notes mature on 6 May 2031 andcarry a coupon of 2.5% per annum.
Bond market development is a key part of the Abu Dhabi exchange’s “ADX One” strategy,which aims to increase liquidity and broaden the market’s offering of products and services.In the last year the ADX has attracted exchange traded funds (ETFs) and listings on theSecond Market, and the launch of a derivatives market is scheduled for late 2021.The listing of Abu Dhabi Ports bonds follows the listing on ADX in April of 1.1 billion eurosof bonds issued by Mamoura Diversified Global Holding, a debt issuing entity of MubadalaInvestment Company.Saeed Hamad Obaid Al Dhaheri, Chief Executive Officer of ADX, said: “We welcome thelisting of Abu Dhabi Ports’ bonds on the ADX as the exchange continues to deepen themarketplace, providing investors with high quality access to regional investmentopportunities. This year, we have seen a significant increase in liquidity and an accelerationin the growth in market capitalisation, which has made the ADX the second largest marketin the MENA region. As we invest further in technology, and broaden our products andservices, ADX is well positioned to build a strong pipeline of listings.”
Capt. Mohamed Juma Al Shamisi, Group CEO, Abu Dhabi Ports, said: “Our recent bondissuance attracted strong global interest, achieving the lowest coupon by an Abu Dhabigovernment owned entity for a 10-year tenor. This is a strong vote of confidence in ourstrategy and in the UAE economy and leadership. We have successfully consolidated andintegrated our ports, industrial, logistics, maritime and digital entities while increasingvolumes and revenues. Today, we are a regional pioneer supporting the growth of AbuDhabi and the UAE, and driving innovation and development across the global maritimeand logistics industries.”Trading on ADX has increased notably this year, as the exchange’s market capitalizationincreased 27% during the first quarter to a record AED 940 billion and the benchmark ADXindex advanced 30%.
