Abu Dhabi expects to post a wider budget deficit of AED37 billion in 2016 because of low oil prices according to a prospectus for a bond sale. The Emirate plans to cover the gap mainly with international bond issues. The government is likely to issue bonds as early as this week with tenors of five, 10 and/or 30 years, according to two potential investors. Benchmark size means at least USD500 million. Last year, Abu Dhabi posted a budget deficit of AED32.4 billion, or 3.9% of its gross domestic product, the government said in the prospectus, which was filed on the London Stock Exchange. The gap was funded from cash reserves. (Reuters)