Today's Edition
ABU DHABI (WAM)
The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer announced the results of the Islamic Treasury Sukuk (T-Sukuk) auction, which is part of the Islamic T-Sukuk issuance programme for Q1 2024 as published on the ministry’s website.
Notably, it was implemented in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent.
The auction witnessed a strong demand through the eight primary dealers for the three-year and five-year tranches of the Islamic T-Sukuk, with bids received worth Dh7.83 billion and an oversubscription by 7.1 times.
The success is reflected in the attractive market-driven prices, which was achieved by a spread of four bps over the US Treasuries with similar maturities.
The Islamic T-Sukuk issuance programme 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.
