Listing of five-year tranche T-bonds

DUB AI: Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, rang Nasdaq Dubai’s market-opening bell to celebrate the listing of the five-year tranche dirham-denominated Treasury Bonds (T-bonds) issued by the UAE Federal Government.

The bell ringing ceremony was atended by Hamed Ali, CEO of Nasdaq Dubai and CEO of Dubai Financial Market (DFM) and a number of senior bank officials.

Thanks to the robustness of the national economy and strong credit rating by international rating agencies, the five-year tranche T-bonds witnessed a strong appetite from investors in the region, with bids received worth AED4.65 billion, and an oversubscription by 6.2x times.

Al Hussaini noted that the UAE is moving forward in achieving its aspirations to build a sustainable economy, saying, “The issuance of multiple tranches of T-bonds contributes to strengthening the national economy and keeps pace with the UAE Government’s directions towards diversifying investment opportunities and creating an ideal environment for investors and entrepreneurs. This, in turn, comes in line with the UAE Centennial 2071, which aims to make the UAE among the world’s leading economies.”

Hamed Ali, CEO of Nasdaq Dubai and DFM, said, “We are delighted to welcome the listing of the Dirham-denominated bond from the Ministry of Finance. We would like to congratulate the MOF for their successful strategic efforts to reinforce the debt capital market.