(MENAFN- Mid-East)
AED1.1bn Islamic Treasury Sukuk were issued as part of Islamic Treasury Sukuk issuance programme for Q1 2024. Bids worth AED7.83bn were received. Oversubscription by 7.1 times.
Abu Dhabi, UAE:The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the Islamic Treasury Sukuk (T-Sukuk) auction, which is part of the Islamic T-Sukuk issuance programme for Q1 2024 as published on the ministry's website.
The auction witnessed a strong demand through the eight primary dealers for the 3-year and 5-year tranches of the Islamic T-Sukuk, with bids received worth AED7.83 billion and an oversubscription by 7.1 times. The success is reflected in the attractive market driven prices, which was achieved by a spread of 4 bps over the US Treasuries with similar maturities.
The Islamic T-Sukuk issuance programme will contribute to building the UAE dirham denominated yield curve, providing safe investment alternatives for investors, strengthening the local debt capital market, developing the investment environment, as well as supporting sustainable economic growth.
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