Dh1.1 Billion Islamic Treasury Sukuk Issued For Q2 2024

(MENAFN- Khaleej Times) The UAE, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE as the issuing and paying agent, has announced the results of the Islamic Treasury sukuk auction, which is part of the Islamic T-Sukuk issuance programme for Q2 2024 as published on the ministry's website.

The auction witnessed a strong demand through the eight primary dealers for the three-year and five-year tranches of the Islamic T-Sukuk, with bids received worth Dh9.81 billion and an oversubscription by 8.9 times. The success is reflected in the attractive market driven prices, with a yield to maturity (YTM) of 4.57 per cent on the three-year tranche and 4.44 per cent on the five-year tranche, representing a five basis points price tightening below US Treasuries with similar maturities at the time of the auction.

“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,” the ministry said in a statement.

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