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UAE federal government secures $4bn in first US dollar bond sale debut

UAE federal government secures $4bn in first US dollar bond sale debut
The UAE Ministry of Finance sold $1 billion in the 10-year tranche

UAE - Mubasher: The UAE federal government has secured $4 billion in its first multi-tranche US dollar-denominated bond sale debut, according to bank documents as cited by Reuters.

The UAE government has raised that amount after the orders for the bonds, comprising 10, 20, and 40-year tranches, had exceeded $22.5 billion, as shown by the documents.

The UAE Ministry of Finance sold $1 billion in the 10-year tranche at 70 basis points (bps) over US Treasuries (UST), $1 billion in 20-year bonds at 105 bps over UST, and $2 billion in 40-year notes at 3.25%.

It is noteworthy to mention that on Wednesday, 6 October, the UAE government started selling US dollar-denominated bonds with 10, 20, and 40-year tranches for the first time as a federation.