Icon
Emergency Notification

The Ministry of Finance invites you to adhere to health and precautionary measures, and in order to preserve your safety, you can use all of our services through the website and the smart application.

Font Size

Preferred Colours

Night Vision

Black & White

Color Blind

Translate this page to

The Ministry is not responsible for the translation output by Google

MOF Website’s Accessibility Features

Search in website



Use advanced search

If you find that your search produced too many results, and you want to improve it, you can add other keywords to your search or use a keyword filter that filters the results, in a way to reflect more accurately the information you are searching for.

International Bonds​​

    ​​​
 

UAE International Bonds for Global Investors

International bonds are debt securities issued outside the issuer’s country with the goal of attracting more investors from the international market. Like T-bonds, international bonds involve paying interest at regular intervals and returning the principal amount to investors when the bond reaches maturity.

On 6 October 2021, the Federal Government of the United Arab Emirates priced a USD 4.0bn 144A/RegS multi-tranche bond offering. The transaction marks the UAE’s inaugural foray into the international debt capital markets. The UAE priced a highly successful transaction that met its strategic objectives, both in terms of pricing as well as in terms of size (upsizing from the initial contemplated USD 3bn). Furthermore, the transaction achieved a number of milestones, including:​

      
 

The first 20-year USD benchmark issuance by a GCC sovereign

 

Lowest all-in yield achieved by a GCC sovereign on a debut USD offering

 

The transaction priced flat to the tightest sovereign spreads in the region

USD 4.0bn Multi-tranche 144A/RegS Bond Offering

      

Summary of Terms

Issuer Federal Goverment of the United Arab Emirates, acting through the Ministry of Finance
Issuer Ratings Aa2 by Mood’s and AA- by Fitch (both with a stable outlook)
Format 144A / Regulation S
Status Senior Unsecured Notes
Pricing Date 6 October 2021
Settlement Date 19 October 2021 (T+8)
Issue Size US$ 1,000,000,000 US$ 1,000,000,000 US$ 2,000,000,000
Tenor 10-year 20-year 40-year
Maturity Date 19 October 2031 19 October 2041 19 October 2061
Spread to UST +70bps +105bps +117.6bps
Re-Offer Yield 2.231% 3.078% 3.250%
Coupon 2.000% 2.875% 3.250%
Re-Offer Price 97.940% 96.985% 100.000%
Listing London Stock Exchange London Stock Exchange Taipei Exchange & London Stock Exchange
Denominations USD 200,000 and integral multiples of USD 1,000 in excess thereof
Joint Lead Managers
(2031 and 2041)
ADCB, Citi, Emirates NBD, FAB, HSBC, J.P. Morgan, Mashreq, BofA and Standard Chartered
Joint Bookrunners
(2061)
Citi, HSBC, J.P. Morgan and Standard Chartered (through their Talwanese entities)
Structuring Agents
(2061)
ADCB, Emirates NBD, FAB, Mashreq, BofA
      

Execution Highlights

  • 01The UAE announced initial price thoughts (‘IPTs”) of ‘T+105bps’, ‘T+135bps’ and ‘3.600% area’ for a 10-year tranche, a 20-year tranche and a 40-year Formosa tranche, respectively, on 6th of October 2022, at Asia open.
  • 02The orderbook witnessed strong demand from the onset and exceeded USD 20bn by mid-day London, allowing the UAE to tighten pricing by 25bps on each of the 10-year and 20-year tranches and by 30bps on the 40-year Formosa tranche. A resilient orderbook, which grew to USD 22.5bn, allowed the UAE to launch an upsized USD 4bn issuance at ‘T+70bps’, ‘T+105bps’ and ‘3.250%’ for the 10-year, 20-year and 40-year tranches, respectively, which represents a 35bps, 30bps and 35bps respective tightening from IPTs.
  • 03The orderbook peaked in excess of USD 22.5bn, representing 5.6x oversubscription, from over 200 accounts. The transaction also achieved a well-balanced allocation across investor geographies and types.
  • 04Strong demand was witnessed from UAE banks, on the shorter tenor in specific, due to the HQLA status of the paper as designated by the UAE Central Bank, solid interest from international accounts, including real-money accounts and central banks, due to the Government’s sturdy credit ratings, fundamentals and EMBI-eligibility, and robust bids from Taiwanese lifers on the 40-year Formosa tranche.
      
      

USD 3.0bn Dual-tranche 144A/RegS Bond Offering

      

Summary of Terms

Issuer Federal Goverment of the United Arab Emirates, acting through the Ministry of Finance
Issuer Ratings Aa2 by Mood’s and AA- by Fitch (both with a stable outlook)
Format 144A / Regulation S
Status Senior Unsecured Notes
Pricing Date 23 June 2022
Settlement Date 7 July 2022 (T+9)
Issue Size US$ 1,750,000,000 US$ 1,250,000,000
Tenor 10-year 30-year
Maturity Date 7 July 2032 7 July 2052
Spread to UST 100 bps 175 bps
Re-Offer Yield 4.050% per annum 4.951% per annum
Coupon 4.050% per annum, payable semi-annually 4.951% per annum, payable semi-annually
Re-Offer Price 100% 100%
Listing London Stock Exchange & NASDAQ Dubai Taipei Exchange, London Stock Exchange & NASDAQ Dubai
Denominations USD 200,000 and integral multiples of USD 1,000 in excess thereof
Joint Lead Managers
(2032)
ADCB, Citi, Emirates NBD, FAB, HSBC, J.P. Morgan, Mashreq, BofA and Standard Chartered
Joint Bookrunners
(2052)
Citi, HSBC, J.P. Morgan and Standard Chartered (through their Talwanese entities)
Structuring Agents
(2052)
ADCB, Emirates NBD, FAB, Mashreq, BofA
Co-Manager
(2032)
Industrial and Commercial Bank of China Limited, ICBC International Securities Limited & ICBC Standard Bank Plc
      
    


​​