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.
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))