The offer by the Ministry of Finance to issue a $1.50 billion, 10-year bond with US dollars that matures in July 2034 has been successfully closed. The bond was issued with a yield of 4.857 percent, which is 60 basis points more than US Treasuries. The London Stock Exchange (LSE) and Nasdaq Dubai will list the bond. High calibre investors were drawn to the bond offering, with the order book solidly oversubscribing by more than four times by the end estimate of US$ 6.50 billion.
As stated by Minister of State for Financial Affairs Mohamed Hadi Al Hussaini, “The UAE’s successful completion of another sovereign bond is a testament to our nation’s enduring attractiveness to investors and our position as one of the world’s premier investment hubs.”
He went on, “The UAE’s most recent bond offering attracted strong and diverse investor demand, demonstrating once again its outstanding performance. Due to the strong order book, the final pricing was set at US Treasuries plus 60 basis points, which was a 30 basis point reduction from the original pricing guidance.”
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 were the transaction’s joint lead managers and book-runners.
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