Dirham-denominated treasury bonds listed on Nasdaq Dubai

Dirham-denominated treasury bonds listed on Nasdaq Dubai

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, on Thursday rang Nasdaq Dubai’s market-opening bell to celebrate the listing and circulation of Dhs1.5 billion, as the first Dirham-denominated treasury bonds issued by the UAE Federal Government acting through the Ministry of Finance. The issuance is part of an ambitious strategy that includes a series of treasury bond issuances to develop the fixed income market in the UAE by providing investors with investment opportunities in sovereign issuances and a proper gauge of yield curve of investments in debt instruments. The bell ringing ceremony was attended by Ebrahim Alzaabi, Assistant Governor of the Central Bank of the UAE - Monetary Policy and Financial Stability, and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), the CEOs for the six participating banks, in addition to other senior officials from the organisations. The inaugural issuance of the local currency treasury bonds programme witnessed a strong appetite from investors in the region and globally being 6.3 times oversubscribed during the first auction that successfully concluded this week. The Ministry plans to issue 6 treasury bond tranches this year with a total value of Dhs9 billion, where the value of the