The UAE has announced plans to tap the market with a dual-tranche US dollar-denominated bond.

The benchmark size bonds will have a 10-year tranche and a 30-year Formosa tranche, the finance ministry said in a statement on Thursday. 

The 10-year tranche will be listed on London Stock Exchange (LSE), and Nasdaq Dubai. The 30-year tranche will be listed on LSE, Taipei Exchange, and Nasdaq Dubai. Formosa bonds are debt issued in Taiwan by foreign borrowers but denominated in a currency other than the Taiwan dollar.

The ministry didn’t indicate either the benchmark size or the amount it hoped to raise from the issuance.

This is the second time the Gulf oil producer is issuing bonds at the federal level. It raised $4 billion last year via the issuance of multi-tranche sovereign bonds for the first time.

Abu Dhabi Commercial Bank PJSC, Bank of America Securities, Citigroup Global Markets Limited, Emirates NBD Capital, First Abu Dhabi Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank, and Standard Chartered Bank will be the lead managers and bookrunners with Industrial and Commercial Bank of China as co-manager.

In May, the UAE had launched the first of its local currency-denominated bond auction, raising $408 million.

Earlier this week, it raised $408 million in its second bond auction.

The UAE government is rated AA- by Fitch, and Aa2 by Moody’s with a stable outlook for the national economy.

(Reporting by Brinda Darasha; editing by Seban Scaria)