UAE issues first sovereign bonds – The National

UAE issues first sovereign bonds – The National

The UAE, the Arab world’s second-largest economy, issued multi-tranche sovereign bonds for the first time as a federation as the country looks to raise fresh funding amid low interest rates globally.

The bond package denominated in US dollars includes conventional medium and long-term 10 and 20-year tranches, as well as 40-year dual-listed formosa bonds, the UAE’s Ministry of Finance said in a statement.

Formosa bonds refer to debt issued in Taiwan by foreign borrowers in currencies other than the Taiwanese dollar. The Ministry of Finance, however, did not provide details on the total amount it plans to raise through the issuance.