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• 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 16420 times
PR Category : Business and Economy
Posted on : Wednesday, August 23, 2023  3:44:00 PM UAE local time (GMT+4)
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