Abu Dhabi borrows $7bln as low oil price bite

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 gas-rich 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 $2 billion five-year tranche, a $2 billion 10-year segment, and a third tranche of $3 billion maturing after 30 years -- the Abu Dhabi department of finance said in a statement.

The richest of seven sheikhdoms that make up the United Arab Emirates, Abu Dhabi sits on the bulk of the federation's oil wealth.

Saudi Arabia's finance ministry said its international bond issuance attracted bids worth $54 billion, more than seven times the value of its offering.

Qatar's finance ministry said ...