UAE Launches Multi-Tranche Sovereign Bond Package

tranche, bonds, tranches, sovereign, bond,
UAE
  • Date: 14-Oct-2021
  • Source: Asharq AL-awsat
  • Sector: Economy
  • Country: UAE
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UAE Launches Multi-Tranche Sovereign Bond Package

The UAE government has successfully closed its offering of a US dollar-denominated multi-tranche sovereign bond package, comprising medium and long-term tranches, including a 10-year tranche, a 20-year tranche, in addition to a 40-year dual-listed Formosa tranche with a total value of $4 billion.

The announcement came during a media briefing held by the Ministry of Finance where the bonds will be settled on October 19, with their tranches distributed as follows: the 10-year tranche bonds were sold at $1 billion at a spread of 70bps over US Treasuries, and the 20-year tranche bonds were sold at $1 billion at a spread of 105bps over US Treasuries.

The dual-listed 40-year Formosa tranche, valued at $2 billion at 3.250 percent, is debt sold in Taiwan by foreign borrowers and denominated in currencies other than the Taiwanese dollar.

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