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Ministry of Finance announces the second auction of federal treasury bonds


 18/06/2022

Building on the success of the first auction in May 2022

Ministry of Finance announces the second auction of federal treasury bonds

 

  • The second auction is part of the AED 9 billion T-Bonds issuance program for 2022
  • Bonds amounting to AED 750 million will be offered for a two-year tranche, and AED 750 million for a three years tranche

 

In its capacity as the issuer, the Ministry of Finance (MoF), announced that the second auction of federal treasury bonds (T-Bonds) will be held on Monday, 20 June, with an auction size of AED 1.5 billion distributed over two tranches: a two-year tranche valued at AED 750 million, and a three-year tranche valued at AED 750 million. The re-opening of bonds will be exercised in this auction to increase the volume of individual bonds issued with the aim of improving liquidity in the secondary market.

The first auction of the AED denominated T-Bonds program witnessed a wide turnout from local and international investors, with a total issuance of AED 1.5 billion divided into two tranches - of two and three years – and a uniform coupon rate fixed at 3.01% and 3.24% respectively.

The UAE will continue to implement its plan to issue local bonds for 2022 through more subsequent periodic auctions. The conventional T-bonds will be denominated in UAE dirhams to develop the local bonds debt market and ultimately, the aim is to develop the mid-term yield curve, with tranches of two and three years, and in principle of five years as well, while ten-year tranches will be issued at a later time.

The results will be announced on MoF's website: https://www.mof.gov.ae/ar/FederalDebtManagement/Pages/T-Bonds_Issuance_Programme.aspx