The UAE raises Dh1.5b in second auction of Dh9b T-bond programme

The UAE raises Dh1.5b in second auction of Dh9b T-bond programme

The government received bids worth Dh9.7 billion during the second auction and the bonds issue was oversubscribed by 6.5 times

In May, the first auction of UAE’s treasury bonds received bids worth Dh9.4 billion, oversubscribed 6.3 times. — File photo

Published: Mon 20 Jun 2022, 6:28 PM Last updated: Mon 20 Jun 2022, 6:49 PM

The UAE on Monday raised Dh1.5 billion during the second auction of Dh9 billion treasury bonds programme and witnessed a strong demand through the six primary bank dealers.

In a statement on Monday, the Ministry of Finance said the government received bids worth Dh9.7 billion during the second auction of its local currency-denominated bond auction and it was oversubscribed by 6.5 times. The Ministry of Finance is issuing the bond in collaboration with the Central Bank of the UAE.

“The strong demand was across both tranches with a final allocation of Dh750 million for the two-year tranche and Dh750 million for the three-year tranche, totalling Dh1.5 billion issued in the second auction,” according to the ministry statement.

Periodic auctions planned

In May, the first auction of UAE’s treasury bonds received bids worth Dh9.4 billion, oversubscribed 6.3 times. The securities will be issued initially in 2-, 3-, and 5-year tenures, followed by a