Sheikh Maktoum says UAE enjoys high financial solvency, credit profile

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.