UAE Business: UAE’s first T-Bond auction a huge success; draws $2.56bn – Gulf Digital News

UAE Business: UAE’s first T-Bond auction a huge success; draws $2.56bn – Gulf Digital News

The first auction of the dirham denominated UAE Treasury Bonds (T-Bonds), with a size of AED1.5 billion ($400 million), drew bids worth AED9.4 billion ($2.56 billion), an oversubscription of 6.3 times, it was announced today.

The auction by the UAE, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and payment agent, is part of the AED9 billion T-Bonds issuance programme for 2022.

The launch of the AED1.5 billion UAE T-Bond programme witnessed a strong demand through the six primary bank dealers across both tranches, with a final allocation of AED750 million for the two-year tranche, and AED750 million for the three-year tranche, with a total issuance of AED1.5 billion as previously announced.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said the success of the first auction is part of strengthening the UAE’s economic competitiveness and supporting the sustainability of economic growth, as the UAE continues to solidify its position as one of the most competitive and advanced economies in the world.

He stressed that this success is reflected in the attractive market driven prices which