UAE completes $1.5b US bond sale

UAE successfully closed a $1.50 billion, 10-year US dollar-denominated bond maturing in July 2034.

With a yield of 4.857 per cent, the bond carries a spread of 60 basis points over US Treasuries and will be listed on the London Stock Exchange (LSE) and Nasdaq Dubai.

Demand was strong, with orders totaling $6.50 billion, oversubscribed by more than 4 times, highlighting the UAE’s appeal to investors globally.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said, “This issuance underscores our attractiveness to investors and our premier global position.”

Joint lead managers included Crédit Agricole Corporate and Investment Bank, Emirates NBD Capital Limited, First Abu Dhabi Bank P.J.S.C., HSBC Bank plc, J.P. Morgan Securities plc, and Standard Chartered Bank.

Geographically, 38 per cent of bonds went to the Middle East, 34 per cent to the US, 18 per cent to the UK, and smaller shares to Europe and Asia.

Rated AA- by Fitch and Aa2 by Moody’s, the bonds reflect the UAE’s strong credit profile based on high GDP per capita, robust policies, and economic resilience.

Attribution: Emirates News Agency (WAM)