UAE’s $3bn sovereign bonds 5 times oversubscribed – The National

UAE’s $3bn sovereign bonds 5 times oversubscribed – The National

Dual-tranche $3 billion sovereign bonds issued by the UAE were five times oversubscribed, receiving more than $15bn in orders with the size doubled from an initial $1.5bn target, the Ministry of Finance said.

A 10-year tranche of $1.75bn, was priced at a spread of 100 basis points (bps) over US Treasuries, with a final coupon rate of 4.05 per cent. The tranche will be listed on the London Stock Exchange (LSE) and Nasdaq Dubai, the ministry said in a statement late on Thursday.

A 30-year Formosa tranche of $1.25bn, was priced at a spread of 175 bps over US Treasuries, with a final coupon rate of 4.951 per cent. The tranche will be listed on the LSE, the Taipei Exchange, and Nasdaq Dubai.