The UAE's first dirham-denominated treasury bond was listed on Nasdaq Dubai on Thursday, after the Dh1.5 billion ($408 million) issuance was oversubscribed 6.3 times and received bids worth Dh9.4bn amid strong demand from regional and global investors in the first auction this week.
Mohamed Al Hussaini, Minister of State for Financial Affairs, rang the market-opening bell at the exchange to celebrate the listing and circulation of the T-bond issued by the UAE federal government acting through the Ministry of Finance, state news agency Wam reported.
The Emirates last month announced the launch of a T-bonds issuance programme, for 2022 with a benchmark size of Dh1.5bn, as part of plans to build a local currency bond market and diversify its financial resources.
The ministry plans to issue six treasury bond tranches this year with a total value of Dh9bn, with the value of the tranches (two-year and three-year) in the first auction amounting to Dh1.5bn, with a fixed coupon rate of 3.01 per cent and 3.24 per cent, respectively.
Other tranches will be issued with various tenures for up to five years at later dates throughout the year.
“The Federal Treasury Bond Programme contributes to revitalising the local financial and banking sector and providing alternative financing opportunities for investors, reflecting the strength of economic development indicators, the stability of the financial system and the economy's resilience,” Mr Al Hussaini said.
“The national economy will continue its momentum and leadership during the next phase in the context of transitioning to the new economic model within the UAE 50 economic plan, in which the UAE establishes a diversified knowledge-based economy on innovation, entrepreneurship and advanced industries.”
T-bonds are fixed-rate government debt securities that pay semi-annual interest payments until maturity, online financial encyclopaedia Investopedia said. They are also considered to be relatively risk-free.
The success of the first issuance emphasises the UAE's creditworthiness as one of the world's most competitive and highly advanced economies, and its position as an investment destination for investors and entrepreneurs, Mr Al Hussaini said.
The UAE raised $4bn in October through the issuance of multi-tranche sovereign bonds, marking the first time it had issued bonds at the federal level.
Listed on Nasdaq Dubai, the US dollar-denominated bond package included conventional medium- and long-term 10- and 20-year tranches, as well as 40-year dual-listed Formosa bonds, the Ministry of Finance said at the time.
The latest T-bond listing increases the value of domestic and international fixed income listings on Nasdaq Dubai to $102bn, the Wam report said.
“The second bond listing from the UAE federal government underscores the government's confidence in Nasdaq Dubai's comprehensive infrastructure … for the issuance and listing of fixed income instruments from sovereign and commercial issuers in the UAE and globally,” said Hamed Ali, chief executive of Nasdaq Dubai.
Six agent banks have been appointed by the Ministry of Finance as primary dealers for participants in the market auction of the T-bonds and to actively develop the secondary market.
They include Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, Mashreq Bank and Standard Chartered.
Global state-owned investor ranking by size
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China
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Japan
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Norway
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Canada
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Singapore
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Australia
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South Korea
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Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
UAE currency: the story behind the money in your pockets
The Specs:
The Specs:
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Results
Men's finals
45kg:Duc Le Hoang (VIE) beat Zolfi Amirhossein (IRI) points 29-28. 48kg: Naruephon Chittra (THA) beat Joseph Vanlalhruaia (IND) TKO round 2.
51kg: Sakchai Chamchit (THA) beat Salam Al Suwaid (IRQ) TKO round 1. 54kg: Veerasak Senanue (THA) beat Huynh Hoang Phi (VIE) 30-25.
57kg: Almaz Sarsembekov (KAZ) beat Tak Chuen Suen (MAC) RSC round 3. 60kg: Yerkanat Ospan (KAZ) beat Ibrahim Bilal (UAE) 30-27.
63.5kg: Abil Galiyev (KAZ) beat Nouredine Samir (UAE) 29-28. 67kg: Narin Wonglakhon (THA) beat Mohammed Mardi (UAE) 29-28.
71kg: Amine El Moatassime (UAE) w/o Shaker Al Tekreeti (IRQ). 75kg: Youssef Abboud (LBN) w/o Ayoob Saki (IRI).
81kg: Ilyass Habibali (UAE) beat Khaled Tarraf (LBN) 29-28. 86kg: Ali Takaloo (IRI) beat Emil Umayev (KAZ) 30-27.
91kg: Hamid Reza Kordabadi (IRI) beat Mohamad Osaily (LBN) RSC round 1. 91-plus kg: Mohammadrezapoor Shirmohammad (IRI) beat Abdulla Hasan (IRQ) 30-27.
Women's finals
45kg: Somruethai Siripathum (THA) beat Ha Huu Huynh (VIE) 30-27. 48kg: Thanawan Thongduang (THA) beat Colleen Saddi (PHI) 30-27.
51kg: Wansawang Srila Or (THA) beat Thuy Phuong Trieu (VIE) 29-28. 54kg: Ruchira Wongsriwo (THA) beat Zeinab Khatoun (LBN) 30-26.
57kg: Sara Idriss (LBN) beat Zahra Nasiri Bargh (IRI) 30-27. 60kg: Kaewrudee Kamtakrapoom (THA) beat Sedigheh Hajivand (IRI) TKO round 2.
63.5kg: Nadiya Moghaddam (IRI) w/o Reem Al Issa (JOR).
RESULT
Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
Profile Idealz
Company: Idealz
Founded: January 2018
Based: Dubai
Sector: E-commerce
Size: (employees): 22
Investors: Co-founders and Venture Partners (9 per cent)
Benefits of first-time home buyers' scheme
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%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Killing of Qassem Suleimani
