UAE to issue dollar-benchmarked dual-tranche sovereign bonds

UAE to issue dollar-benchmarked dual-tranche sovereign bonds

The UAE government is set to issue dual-tranche USD benchmark size bonds with a 10-year tranche and a 30-year Formosa tranche. The 10-year tranche will be listed on London Stock Exchange (LSE) and Nasdaq Dubai, and the 30-year tranche will be listed on London Stock Exchange (LSE), Taipei Exchange, and Nasdaq Dubai. Abu Dhabi Commercial Bank, Bank of America Securities, Citigroup Global Markets, Emirates NBD Capital, First Abu Dhabi Bank, HSBC Bank, J.P. Morgan Securities, Mashreqbank and Standard Chartered Bank will be the lead managers and bookrunners to arrange and market to investors, with Industrial and Commercial Bank of China joining the mandated group as co-manager. The issuance of the UAE’s second sovereign bonds will be in accordance with Rule 144A / Regulation S under the Securities Act of the United States. The UAE federal government is rated AA- by Fitch, and Aa2 by Moody’s with a stable outlook for the national economy.