Skip to content

Dubai Travel News

Travel & Tourism News of Dubai and rest of UAE

Menu
  • About
  • Advertise Here
  • Business Directory
    • List Your Company
  • Contact
  • Currency Rates
  • Privacy Policy
  • UAE Cards
Menu

TDIC launches $1bn inaugural global bond issue

Posted on July 1, 2009

Abu Dhabi, 1st July 2009  Tourism Development and Investment Company (TDIC),  developer of major cultural, residential and tourism destinations in Abu Dhabi has  launched its $1bn bond representing its inaugural issuance under the $3bn Global Medium Term Note (GMTN) Programme.

The issue of bonds attracted substantial interest from global investors, bringing a total order book exceeding $6bn from aprox 300 investors. The final allocation of TDIC’s $1bn five year issue was priced at 390 bps over US Treasuries, a company press release said today.

sheikh-sultan-bin-thanoonExpressing his veiws on the bonds, His Excellency Sheikh Sultan Bin Tahnoon Al Nahyan, Chairman of TDIC, said: ‘TDIC are extremely pleased with the considerable interest from investors globally in TDIC’s inaugural note issuance. ‘ ‘In line with Abu Dhabi’s 2030 economic plan, TDIC has set a realistic long-term vision to create investment partnerships, which will support Abu Dhabi’s evolution into a world-class tourist destination,’ said Sheikh Sultan.

This bond issue is the first drawdown under TDIC’s $3bn GMTN Programme, the proceeds of which will be used for general corporate funding purposes. TDIC’s bond issue pays a 6.50% coupon, with a re-offer price of 99.668, yielding 6.579%, equivalent to a spread of 390 bps over US Treasuries TDIC’s bonds, which mature in July 2014 were allocated as follows:- US investors received 30% of the notes, European investors 36% of the notes, with 23% of the notes being allocated to the Middle East and 11% to Asia.

The notes were offered by a syndicate of Arrangers and Bookrunners, namely BNP Paribas, Citi, HSBC and Standard Chartered Bank. These Arrangers and Bookrunners together with Abu Dhabi Commercial Bank and National Bank of Abu Dhabi were mandated to act as Joint Lead Managers. Allied Investment Partners acted as the General Financial Adviser to TDIC.

Lee Tabler, CEO of TDIC, highlighted TDIC’s ambitions in line with Abu Dhabi’s long-term economic strategy.

‘TDIC has emerged as a leader in the emirate’s transformation and is helping to realise the emirate’s considerable tourism potential and strategic goals of delivering 2.7 million hotel guests per annum by 2012. A key element of Abu Dhabi’s 2030 economic plan is for the emirate to become the cultural capital of the Middle East and through TDIC’s key projects, such as Saadiyat Island, we are supporting the efforts to achieve this,’ Tabler added.

Earlier this year, TDIC was assigned AA status by three major credit ratings agencies, Moody’s, Standard ‘&’ Poor’s and Fitch Ratings, which accredited TDIC with high investment grade ratings – Aa2, AA, and AA respectively.

The New York-based Moody’s Investors Service assigned a foreign currency rating of Aa2 with a stable outlook to the Programme. Both Fitch and Standard ‘&’ Poor’s Ratings Services assigned ‘AA’ long term credit ratings to TDIC’s programme. This is in line with TDIC’s ratings, which were assigned in March 2009 with a stable outlook. TDIC’s issuer ratings are aligned with those of the government.

Dubai Desert Safaris

Share this:

  • Twitter
  • Facebook

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

  • Ciel Tower World’s tallest hotel to open in Dubai 2024
  • Museum of the Future’s ‘Future Talks’ discusses human colonisation of the Milky Way
  • UAE’s official Golden Jubilee celebrations to be in Hatta
  • HH Sheikh Mohammed bin Rashid approves formation of Dubai International Arbitration Centre
  • Lockheed Martin to showcase 21st century security solutions at Dubai Airshow
  • Sheikh Mohammed issues decision to merge Dubai Economy and Dubai Tourism
  • Emirates Airlines Covid-19 test guidelines for tourists
  • UAE begins travelers from Oman via land border
  • Best Wedding Dresses
  • Dubai’s desert safari ranked world’s no.1 tourism experience

Advertisement

Our Sections of site

  • Amari Hotel Reservations Amari Hotels reservations
  • Brunei Travel & Culture Services Tours and hotel reservations Brunei Daressalam
  • Dubai Desert Safari Desert Safaris in Dubai
  • Exotic Dubai Tours Dubai tours safaris and hotel reservations
  • Guluna News
  • Kar group Dubai
  • Nawab Zippers Zippers Buttons and pullers for leaather garments in Pakistan
  • Qatar Tours Doha Tours, desert safaris and hotels.
  • Sri Lanka Travel & Culture Tours to Sri Lanka
  • Taj Mahal Hotel Reservations Taj Hotel reservation service

Partners

  • Biomed Articles Medical articles
  • Exotic Italy Tours Italy Tours
  • Hunza Tours and Treks Hunza Vally tours and hotels
  • London Pass London Pass web site online purchase
  • Tanzania Tours & Safaris Tanzania Travel
  • Travel & Culture Services Travel & Culture Pakistan

Subscribe our feed

Subscribe in a reader

Pages

  • About
  • Advertise Here
  • Business Directory
    • List Your Company
  • Contact
  • Currency Rates
  • Privacy Policy
  • UAE Cards

Categories

  • Abu Dhabi Events (131)
  • Duabi Property Deals (1)
  • Dubai Books (342)
  • Dubai Events (67)
  • Dubai Hotels Special Offers (20)
  • Dubai News (144)
  • Dubai Tours (19)
  • Dubai Videos (1)
  • Events/Conferences (15)
  • featured (26)
  • General (468)
  • International News (11)
  • New Hotels in ABu Dhabi (3)
  • New Hotels in Dubai (11)
  • People (3)
  • Products (88)
  • Technology (4)
  • Travel Industry News (330)
  • الصور (5)
  • عربي (56)

Tags

Abaya American Arab ArabIsraeli Arabs Brand New Burj business Christianity city Conflict Dhabi DSF Dubai Dubai Tourism East Edition Emirates From Guide Head History Islam island Israel Life Mark Middle Middle East Muslim Palestine Peace plans Politics Product Read remainder mark Scarf Shemagh travel UAE United united arab emirates White World
©2023 Dubai Travel News | Design: Newspaperly WordPress Theme