Abu Dhabi’s upcoming $10bn bond programme, of which an initial tranche of at least $2bn-$3bn is on a road show in London and the US, received on Friday the third-highest rating from the three major credit rating agencies.

Bankers and analysts expect the bond sale by Abu Dhabi, the capital of the United Arab Emirates, to be used to help finance government-linked companies and provide the private sector with a benchmark sovereign yield curve.