UAE Secures $1.8 Billion in Q3 2024 Sukuk Auction

UAE, 4 July, 2024 : The UAE has secured AED 6.76 billion ($1.8 billion) in bids for its Q3 2024 sukuk programme, the Ministry of Finance announced.

The Islamic Treasury Sukuk (T-Sukuk) offered a spread of 4.77% on the three-year tranche and 4.43% on the five-year tranche. The auction was oversubscribed 6.1 times, with strong demand from eight banks.

The sukuk spreads represent a 1 to 3 basis point tightening below US Treasuries with similar maturities. This issuance is part of the UAE’s plan to build a dirham-denominated yield curve and enhance the local debt capital market.

Source : www.zawya.com