UAE Government celebrates listing first sovereign bonds on Nasdaq Dubai

UAE - Mubasher: Mohammed bin Hadi Al Hussaini, the UAE Minister of State for Financial Affairs, has celebrated the listing of the UAE sovereign bonds on Nasdaq Dubai.

The US dollar-denominated three-tranche bonds, the first to be issued by the UAE Government, have raised $4 billion, according to a press release on Wednesday.

The sovereign bonds comprise a 10-year tranche, a 20-year tranche, and a 40-year dual-listed Formosa tranche.

The bonds are 5.6% oversubscribed with more than $22.5 billion secured in global books, enabling the UAE Ministry of Finance to issue bonds with the lowest yield for a debut sovereign from the GCC.

The returns of the three tranches were priced at 2%, 2.875%, and 3.250%, respectively.

Al Hussaini said: "This issuance coincides with the adoption of the largest budget in the history of the UAE, thereby reaffirming the country’s strong and balanced economy."

The CEO of Nasdaq Dubai and Deputy CEO of the DFM, Hamed Ali, commented: "The accelerating pace of issuances and listings on Nasdaq Dubai has reinforced its position as the leading venue for fixed income listings in the Middle East with a total value of $107 billion."

Mubasher Contribution Time: 20-Oct-2021 07:46 (GMT)
Mubasher Last Update Time: 20-Oct-2021 07:46 (GMT)