May 19, 2020 / 5:02 AM / 13 days ago

Abu Dhabi starts marketing dollar bond reopening - document

DUBAI, May 19 (Reuters) - The government of Abu Dhabi has started marketing a “tap” of its existing dollar bonds due in 2025, 2030 and 2050, a document showed on Tuesday.

Under a bond tap, an existing transaction is reopened for subscription, using the same documentation as before.

It is offering around 165 basis points (bps) over U.S. Treasuries for the $2 billion bonds due in 2025, around 185 bps over the same benchmark for the $2 billion bonds due in 2030, and around 3.5%-3.55% for the $3 billion notes due in 2050.

BNP Paribas, First Abu Dhabi Bank, JPMorgan and Standard Chartered have been hired to arrange the deal, the document showed. (Reporting by Davide Barbuscia; Editing by Himani Sarkar)

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