UAE to Market Its First US Dollar Bond as a Federation

The United Arab Emirates is expected to start marketing its first US dollar bond as a federation this week. The federal government has not issued any bonds in its history, but some of the seven emirates it comprises, such as Abu Dhabi and Dubai have.

The government advisors for the fundraising policy include Citibank, HSBC, First Abu Dhabi Bank, Standard Chartered, BofA Securities and JP Morgan.

The experts believe the transaction would be a multi billion dollar deal. It is not expected to be less than $1-$2 billion. A 2018 law by the government gives permission to the federal government to issue sovereign debt.

The government is also expected to issue dirham bonds along with the dollar ones. The authorities believe this will deepen the country’s financial markets. Last January, Dubai’s ruler and UAE’s Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said his government approved a public debt strategy to strengthen the market for local currency bonds.

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