The UAE Ministry of Finance announced the closing of its offering of US dollar-denominated sovereign bonds worth $1.5 billion for 10 years due in July 2034 with a yield of 4.857%, representing a margin of 60 basis points over the yield of US Treasury bonds. The bonds will be listed on the London Stock Exchange and Nasdaq Dubai.
The order book attracted high-quality local, regional and international investors, with purchase orders worth $6.5 billion secured, with subscription equivalent to more than four times the size of the issue by the time the final pricing was revealed, which reflects the growing strong interest of foreign investors in the UAE, in addition to the country’s commitment to raising its position as one of the world’s leading investors. Economies are competitive and advanced globally.
“The success of the UAE’s new sovereign bond offering demonstrates that the country remains an attractive destination for investors and one of the most attractive investment hubs in the world,” said Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs.
He added: “The UAE has once again achieved strong results in its bond offering, attracting qualitative and diverse investors. The strong order book resulted in pricing being reduced by 30 basis points from opening pricing, with final pricing reaching 60 basis points above the US Treasury bond yield.”
The offering was managed by a group of lead managers and bookrunners including Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan Chase, Credit Agricole CIB and Standard Chartered.
The geographical allocation for the 10-year segment is as follows: 38% for investors from the Middle East, 34% for American investors, 18% for investors from the United Kingdom, 7% for European investors, and 3% for Asian investors. While the final qualitative allocation for the 10-year segment was distributed as follows: 56% for fund managers, 40% for banks and private banks, 1% for sovereign investment funds and central banks, 1% for the insurance sector and pension funds, and 2% for other sectors.
The bonds will be rated AA- by Fitch and Aa2 by Moody’s, in line with the UAE Federal Government’s credit rating, which reflects its creditworthiness supported by high GDP per capita, innovative policies, strong international relations, and the ability to address economic and financial challenges.
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