The UAE continues to enjoy high financial solvency as well as a strong credit profile, minister of finance Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said on Thursday.
The statement of Al Maktoum, who is also the Deputy Ruler of Dubai and Deputy Prime Minister, comes as the Ministry of Finance confirmed the issuance of a US dollar-denominated multi-tranche bond offering, marking the federal government’s entry into the debt capital markets.
The new bond package, comprising of tranches of 10, 20 and 40 years, will be issued for subscription, the Ministry of Finance said on Thursday.
The bond offering reflected the country’s financial stability as well as its “solid” approach to economic and social growth, he added.
The finance ministry has authorized Abu Dhabi Commercial Bank, BofA Securities, Citigroup Global Markets Limited, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Morgan Securities, Mashreqbank and Standard Chartered Bank as lead managers and book runners to arrange calls with global investors for the bond subscription.
It said that the public offering is expected to attract high demand from both global and regional investors.
Media reports said the bond deal has so far generated orders reaching $22.5 billion.
Sheikh Maktoum says UAE enjoys high financial solvency, credit profile
1 min read
- Al Maktoum's statement comes as the Ministry of Finance confirms the issuance of a multi-trance bond offering.
- The new bond package, comprising of tranches of 10, 20 and 40 years, will be issued for a subscription.
SPEEDREAD
Today's Headlines
The most important news stories of the day, curated by Post editors and delivered every morning.
By signing up you agree to our Terms of Use and Privacy Policy.
Most Read
Business and leisure combo drives GCC tourism boom
Audi’s sustainable Middle East luxury drive
GCC countries mobilize to build resilient industrial supply chains: report
‘Dubai, Abu Dhabi, Riyadh, Bahrain have reinforced position as top GCC tourist spots’
Geopolitical unrest generates an onslaught of DDoS attacks
Luxury goods boom in Gulf draws global investors
Iran, Israel appear to pull back from brink as US approves military aid