U.A.E. Federal Bank to Sell Bond Following Passage of Debt Law - Bloomberg:
A federal lender in the United Arab Emirates will be the first to utilize the country’s newly effective debt law by selling its first bond later this month, according to a senior government official.
Emirates Development Bank, a state-owned institution that provides financing to citizens and small and medium-sized enterprises, plans a $750 million bond sale in February, its first debt issuance since the institution started operating in 2015, Younis Al Khoori, undersecretary at the U.A.E. Ministry of Finance, said Saturday in a Bloomberg TV interview from Dubai.
Proceeds will be passed on to the U.A.E. economy through loans to SMEs and other entities, as well as for housing, providing cost savings, Al Khoori said. “We are aiming for a certain yield and hopefully the market will not change much over the coming few weeks,” he said.
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