UAE starts selling first federal government dollar bonds | Reuters
The United Arab Emirates started marketing a triple-tranche U.S. dollar-denominated bond on Wednesday, the first issued by the federal government rather than individual emirates, in a sale to be concluded the same day, a document showed.
The bonds have tranches of 10, 20, and 40 years. The 10-year notes were offered with an initial price guidance of about 105 basis points (bps) over U.S. Treasuries, the 20-year at about 135 bps over the same benchmark, and the 40-year at about 3.6%.
The 40-year portion will be Formosa bonds, which are debt securities sold in Taiwan by foreign borrowers and denominated in currencies other than the Taiwanese dollar.
The UAE finance ministry is expected to raise between $3 billion and $3.5 billion, two sources familiar with the matter have told Reuters. read more
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