UAE's First T-Bond Auction Achieves Bids Worth AED 9.4 Billion
The UAE has announced the results of the first auction of the dirham denominated federal Treasury Bonds of the UAE Government (T-Bonds), with a benchmark auction size of AED 1.5 billion (circa US$400 million), which is part of the AED 9 billion T-Bonds issuance programme for 2022.
The launch of the T-Bond programme witnessed a strong demand through the six primary bank dealers, with bids received valued at AED 9.4 billion, and an oversubscription by 6.3 times. The strong demand was spread across both tranches, with a final allocation of AED 750 million for the two years tranche, and AED 750 million for the three years tranche, with a total issuance of AED 1.5 billion.
Read More: Here's How to Save Money in the UAE
Read More: 5 Tips to help expats save money in the UAE!
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum invited international investors to participate in the T-bonds issuance programme which is widely open for all eligible investors, and will soon be followed by a listing on Nasdaq Dubai to promote secondary market trading along with primary dealers.
The first auction will be followed by a series of subsequent periodic auctions, in line with the proposed 2022 issuance plan. The Securities will be issued initially in two, three, and five year tenures, followed by a 10-year bond at a later date.
This article was previously published on UAE Moments.To see the original article, click here