Here comes another ultra safe piece of sovereign paper backed by vast oil wealth. While both Dubai and Abu Dhabi have issued sovereign bonds in the past, this will be the first bond issued by the UAE federal government - although given that federal debt, like emirate-level debt, is implicitly backstopped by Abu Dhabi oil reserves, the distinction is mainly academic:
ABU DHABI, Jan 11 (Reuters) - The United Arab Emirates finance ministry expects to issue the oil producer's first ever sovereign bonds toward the end of the year or in early 2012, a minister said on Tuesday. Asked when he expected to issue bonds at the federal level, Minister of State for Financial Affairs Obaid Humaid al-Tayer told reporters: "Either the end of this year or the first part of next year."
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