Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  

Third Islamic Treasury Sukuk Auction Achieves Exceptional Results

 
• AED1.1 billion Islamic Treasury Sukuks issued in the third auction, as part of the Islamic Treasury Sukuks issuance program for 2023
• Bids worth AED6 billion received
• Oversubscription by 5.5 times
 
United Arab Emirates, August 23, 2023: The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the third dirham-denominated Islamic Treasury Sukuk auction (T-sukuks), which is part of the T-sukuks issuance program for 2023.
 
The third auction of the UAE T-sukuks program witnessed a strong demand through the eight primary dealers, with bids received worth AED6 billion, and an oversubscription by 5.5 times. The strong demand was on both, the two- and five-year tranches. The success is reflected in the attractive market driven prices, which was achieved by a spread of zero to two basis points over US Treasuries with similar maturities. The third auction witnessed the issuance of the first dirham-denominated Islamic Treasury Sukuks with a five-year maturity, which achieved very strong results and was oversubscribed by 6.6 times. The auction also followed the practice of re-opening the two-year T-sukuks which helps in building up the size of individual sukuk issues over time and improve liquidity in the secondary market.
The T-sukuks program will contribute to building the UAE dirham-denominated yield curve, providing safe investment alternatives for investors, strengthening the local debt capital market, developing the investment environment, as well as supporting sustainable economic growth.


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 8704 times
PR Category : Banking & Investments
Posted on : Wednesday, August 23, 2023  3:44:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Shakeel Group Launches Discount on Stationery and Office Sup...
Next Story : Majid Al Futtaim Announces Half Year Financial Results Robus...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
2023 Safest Year for Flying By Several Parameters [24227-Views]
Mr. Arjun Dhanak of Kanz Jewels Clinches Youngest MD Award at The Retail Jeweller Dubai Fo... [15076-Views]
Xiaomi 14 Ultra Makes a Big Entrance in the UAE for the First Time [9680-Views]
Nabtih Debuts Ramadan Gift Baskets, Highlighting Palestinian Craftsmanship and Tradition [8667-Views]
UAE's Newest Home-Grown Fragrance Brand –FARIDAH– Unveiled, Complements The $12.4 bn Perfu... [6896-Views]
SANTONI SETS THE TONE FOR THE NEXT FALL/WINTER SEASON DURING MILAN FASHION WEEK [6749-Views]
Dyson unveils new pop-up experience at Dubai International Airport [6646-Views]
Union Coop Strengthens Support for Local farmers [6187-Views]
Dubai government entities review ambitious 'Dubai 10X' projects [5863-Views]
Bluewaters Sets Scene for Ramadan with Stunning Weekend Fireworks This March [5769-Views]
All-New Ford Territory Dark Edition Elevates Crossover SUV Style in the Middle East [5752-Views]
Dubai Culture celebrates Burj Rashid's 45th anniversary, showcasing its rich history [5601-Views]
Clinique La Prairie To Showcase Longevity Lounge At Art Dubai 2024 [5560-Views]
Eaton to Showcase Cutting-Edge Sustainable Energy Solutions at LEAP 2024 in Saudi Arabia [5519-Views]
BENTAYGA EWB – INFINITE CHOICE, CURATED BY MULLINER [5510-Views]
NBF's new Ramadan campaign provides new financing opportunities for customers [5498-Views]
A total of 360 riders qualify for world cycling event in Aalborg, Denmark at the end of Au... [5334-Views]
ATP STARS EBDEN AND BOPANNA MAKE A GRAND SLAM IMPACT AT DUBAI DUTY FREE TENNIS CHAMPIONSHI... [5219-Views]
SPORTMAX FW 2024 FASHION SHOW [5154-Views]
Environment Agency – Abu Dhabi Launches an Odorous Gas Monitoring Network [4994-Views]
Natuzzi Italia Unveils the Colle Sofa, a Design Collaboration with BIG Studio – Bjarke Ing... [4904-Views]
Malabar Gold & Diamonds Set to Launch 10 New Showrooms; Global Store Count to Reach 350 by... [4887-Views]
DSO and MIT Honour Winner of MIT DesignX Dubai Accelerator's First Cohort [4883-Views]
Arabian Automobiles Elevating Luxury and Safety [4850-Views]
Debut of the New Maserati GranCabrio The Trident's New Spyder: Iconic Design and Open-Top... [4834-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories