The UAE is not planning to issue its first federal sovereign bond for at least two years, Finance Minister Sheikh Hamdan bin Rashid al-Maktoum said yesterday, dousing market expectations for an issue this year.
Other senior ministry officials had previously been quoted as saying the UAE’s debut sovereign bond could come at the end of 2012, once a long-awaited public debt law is approved, and be worth about $1bn.
Asked whether the Gulf Arab state had any plans to issue a bond this year or in 2013, Sheikh Hamdan, who is also a deputy ruler of Dubai, said: “No, we don’t have.”
Other senior ministry officials had previously been quoted as saying the UAE’s debut sovereign bond could come at the end of 2012, once a long-awaited public debt law is approved, and be worth about $1bn.
Asked whether the Gulf Arab state had any plans to issue a bond this year or in 2013, Sheikh Hamdan, who is also a deputy ruler of Dubai, said: “No, we don’t have.”
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