UAE federal government markets three-part dollar bonds in debut deal

Abu Dhabi Commercial Bank, BofA Securities, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Mashreqbank and Standard Chartered will hold investor calls

  
A packet of former U.S. President Abraham Lincoln five-dollar bill currency is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015.

A packet of former U.S. President Abraham Lincoln five-dollar bill currency is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015.

REUTERS/Gary Cameron/File Photo

DUBAI  - The United Arab Emirates federal government has hired a group of banks for its debut bond issuance, which will comprise three tranches denominated in U.S. dollars, bank documents showed on Monday.

Sources told Reuters on Sunday the UAE would start marketing its inaugural bonds this week. While the federal government has never issued bonds before, several of the seven emirates that it comprises have, most notably the capital Abu Dhabi and commerce hub Dubai.  

Abu Dhabi Commercial Bank, BofA Securities, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Mashreqbank and Standard Chartered will hold investor calls starting on Monday, the documents from banks on the deal showed.

A debut sale of senior unsecured bonds with maturities of 10, 20 and 40-year bonds under the UAE's Global Medium Term Note Programme will follow, subject to market conditions. The 40-year portion will be dual-listed Formosa bonds, which are sold in Taiwan by foreign borrowers and denominated in currencies other than the Taiwanese dollar.

(Reporting by Yousef Saba; Editing by Toby Chopra) ((Yousef.Saba@thomsonreuters.com; +971562166204; Reuters Messaging: https://twitter.com/YousefSaba))


More From Markets