UAE: Bids worth Dh8.3 billion received at Islamic Treasury Sukuk auction

UAE: Bids worth Dh8.3 billion received at Islamic Treasury Sukuk auction

The launch of the Dh1.1 billion programme witnessed strong demand through its eight primary bank dealers, with an oversubscription of 7.6 times

By Web Desk Published: Wed 10 May 2023, 7:20 PM

The UAE, represented by the Ministry of Finance (MoF), the issuer, in collaboration with the Central Bank of the UAE (CBUAE), the issuing and paying agent, has announced the results of the first auction of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk), with a benchmark auction size of Dh1.1 billion, which is part of the T-Sukuk issuance programme for 2023.

The launch of the Dh1.1 billion UAE T-Sukuk programme witnessed strong demand through its eight primary bank dealers, with bids worth Dh8.3 billion, and an oversubscription of 7.6 times. The strong demand was across both tranches, with a final allocation of Dh550 million for the two-year tranche, and Dh550 million for the three-year tranche, with a total issuance of Dh1.1 billion.

Global investment destination

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, said the successful launch of the T-Sukuk auction reflects the UAE's prudent strategic investment policies and objectives, as the country continues to solidify its position as