Abu Dhabi is assessing it's $7.5 billion investment in troubled U.S. banking giant Citigroup through convertible bonds that pay 11 percent interest but nothing has changed from its perspective, a source told Reuters on Sunday.
Under the terms of the bond sale, they must convert into 235.6 million shares in Citigroup, the report states. The government made the investment through its Abu Dhabi Investment Authority (AIDA).
Nothing has changed from ADIA's perspective at this point. ADIA's convertible bonds are due for conversion in a phased manner between March 2010 and September 2011, and that stands, said an Abu Dhabi government official who declined to be named, according to Reuters.
But it is carefully assessing its options due to the latest events -- although no decision is taken yet, he said, declining to be named.