ABU DHABI
The emirate of Abu Dhabi said on Sunday it had sold $7 billion of bonds in the third major sale this month by Gulf sovereigns seeking to counter slumping oil prices. OPEC kingpin Saudi Arabia last week raised $7 billion in a bond sale, while gasrich Qatar sold bonds worth $10 billion two weeks ago. Abu Dhabi, which has the biggest sovereign wealth fund in the Gulf Cooperation Council (GCC), said that its offering was oversubscribed by more than six times. The transaction contained three tranches—a $2b five-year tranche, a $2b 10-year segment, and a third tranche of $3b maturing after 30 years—the Abu Dhabi department of finance said in a statement.— AFP/APP
