UAE Issues $1.5 Billion 10-Year Bonds Amid Strong Investor Demand

UAE, 26 June, 2024 : The United Arab Emirates has successfully issued $1.5 billion in 10-year bonds, according to a document from an arranging bank released on Tuesday. The bonds were sold at a yield of 60 basis points over U.S. Treasuries, tighter than the initial price guidance of 90 basis points due to strong demand, which exceeded $5.75 billion.

This bond issuance marks a significant move by the UAE to tap into the international debt market. The sale attracted considerable interest, reflecting investor confidence in the UAE's economic stability and creditworthiness.

Crédit Agricole CIB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JP Morgan, and Standard Chartered Bank acted as joint lead managers and bookrunners for this bond sale. The strong demand and successful pricing underscore the UAE's robust financial position and strategic approach to leveraging global financial markets for its development needs.

Source : www.zawya.com