The UAE begins marketing the first issue of dollar bonds this week

The UAE government will start marketing its first dollar bonds at the federal level as soon as this week.

The UAE federal government has not issued any bonds before.

Banks advising the government on the fundraising process include Citi, HSBC, First Abu Dhabi Bank, JPMorgan, Standard Chartered and BofA.

Two sources said they expected the deal to be worth billions of dollars, and would be worth between $1 billion and $2 billion.

And the federal government passed a law in 2018 allowing the union to begin issuing sovereign debt.

The program is also widely expected to be used by the United Arab Emirates to issue dirham-denominated bonds, a goal the authorities have long held to deepen the country’s financial markets.

 
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