The UAE Federal Government's $3 billion dollar-denominated treasury bonds made their debut on Nasdaq Dubai on Thursday, after they were oversubscribed amid strong investor interest.
The two issuances brought the total value of the UAE's dollar-denominated bonds on the exchange to $7 billion, Nasdaq said. The UAE listed $4 billion bonds on Nasdaq last October 2021.
Nasdaq also welcomed on Thursday the listing of landmark five-tranche carbon-neutrality-themed bonds worth a total of $2.68 billion by the Industrial and Commercial Bank of China Limited (ICBC), the world's largest bank by assets.
The notes were issued by ICBC's branches in the Dubai International Financial Centre (DIFC), Hong Kong, London and Singapore.
UAE treasury bonds
The new listings by the UAE government, represented by the Ministry of Finance, included a $1.75 billion 10-year tranche with a coupon of 4.050 percent and a $1.25 billion 30-year Formosa tranche with a coupon of 4.951 percent.
The issuances attracted strong demand from investors, with the total value of orders reaching $15 billion, or ten times of the initial benchmark target of $1.5 billion, allowing the UAE to double the size of the issuances to $3 billion. target of $1.5 billion.
The UAE government closed the offering last month.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)