UAE's $3bn sovereign bonds five times oversubscribed
Dual-tranche $3 billion sovereign bonds issued by the UAE were five times oversubscribed, receiving more than $15bn in orders, after the size was doubled from an initial target of $1.5bn, the Ministry of Finance has said.
A 10-year tranche of $1.75bn, was priced at a spread of 100 basis points (bps) over US Treasuries, with a final coupon rate of 4.05 per cent. The tranche will be listed on the London Stock Exchange (LSE) and Nasdaq Dubai, the ministry said late on Thursday.
A 30-year Formosa tranche of $1.25bn was priced at a spread of 175 bps over US Treasuries, with a final coupon rate of 4.951 per cent. The tranche will be listed on the LSE, the Taipei Exchange and Nasdaq Dubai.
Formosa bonds refer to debt issued in Taiwan by foreign borrowers in currencies other than the Taiwanese dollar.
The bonds were priced on June 23, 2022, and will be settled on July 7, 2022, the ministry said.
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