TDIC launches $1bn bond inaugural global bond

Abu Dhabi’s Tourism Development and Investment Company (TDIC) launched a $1 billion global bond issue under the $3bn Global Medium Term Note (GMTN) Program, a company statement said.

The issue attracted over $6 billion from around 300 investors worldwide. The final allocation of TDIC’s $1bn five year issue was priced at 390 bps over US Treasuries.

“TDIC are extremely pleased with the considerable interest from investors globally in TDIC’s inaugural note issuance,” said Sheikh Sultan Bin Tahnoon Al Nahyan, chairman of TDIC. “Such interest has resulted in the notes being significantly oversubscribed and have enabled the pricing of such notes to be set at attractive levels.”