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Home Public Finance Public Debt International Bonds

International Bonds

Expanding the UAE’s Presence in International Capital Markets

International bonds are debt securities issued outside the issuer’s country to attract more investors from the international market. Similar to T-bonds, international bonds involve paying interest at regular intervals and returning the principal amount to investors when the bond reaches maturity. Denominated in foreign currencies, international bonds are structured to meet the expectations of global stakeholders while supporting the UAE’s fiscal and economic objectives.

Expanding the UAE’s Presence in International Capital Markets

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June 2024: USD 1.5BN - 144A / RegS Bond Offering
Summary of Terms
Issuer
Federal Government of the United Arab Emirates acting through the Ministry of Finance
Issuer Ratings
Aa2 by Moody's and AA- by Fitch (both with a Stable Outlook)
Format
Rule 144A/Regulation S
Status
Senior Unsecured Notes
Pricing Date
25 June 2024
Settlement Date
2 July 2024 (T+5)
Issue Size
US$ 1,500,000,000
Tenor
10-year
Maturity Date
2 July 2034
Spread to UST
0 bps
Re-offer Yield
4.857% per annum
Coupon
4.857% per annum, payable semi-annually in arrear
Re-offer Price
100%
Listing
London Stock Exchange and Nasdaq Dubai
Denominations
US$ 200,000 and integral multiples of US$ 1,000 in excess thereof
Joint Lead Managers and Joint Bookrunners
Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, HCBC Bank PLC, J.P. Morgan Securities PLC, Standard Chartered Bank and Crédit Agricole Corporate and Investment Bank
Allocation by Geography
Middle East
US
Europe
Asia
UK
Allocation by Investor Type
Banks & Private Banks
Fund Managers
Pension Funds & Insurance
Central Banks and Sovereign Wealth Funds
Other Sectors
September 2023: USD 1.5BN - 144A/RegS Bond Offering
Summary of Terms
Issuer
Federal Government of the United Arab Emirates acting through the Ministry of Finance
Issuer Ratings
Aa2 by Moody's and AA- by Fitch (both with a Stable Outlook)
Format
Rule 144A/Regulation S
Status
Senior Unsecured Notes
Pricing Date
18 September 2023
Settlement Date
25 September 2023 (T+5)
Issue Size
US$ 1,500,000,000
Tenor
10-year
Maturity Date
25 September 2033
Spread to UST
60 bps
Re-offer Yield
4.917% per annum
Coupon
4.917% per annum, payable semi-annually
Re-offer Price
100%
Listing
London Stock Exchange and Nasdaq Dubai
Denominations
US$ 200,000 and integral multiples of US$ 1,000 in excess thereof
Joint Lead Managers and Joint Bookrunners
Abu Dhabi Commercial Bank PJSC, BNP Paribas, Citigroup Global Markets Limited, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank PLC, Mashreq Bank PSC and Mizuho International PLC
Breakdown by Investor Geography
USD 10-Year
Asia
Europe
MENA
UK
US
Breakdown by Investor Type
USD 10-Year
Banks & Private Banks
Fund Managers
Insurance
Pension Funds & Central Banks
June 2022: USD 3.0BN - Dual-tranche 144A/RegS Bond Offering
Summary of Terms
Issuer
Federal Government of the United Arab Emirates acting through the Ministry of Finance
Issuer Ratings
Aa2 by Moody's and AA- by Fitch (both with a Stable Outlook)
Format
Rule 144A/Regulation S
Status
Senior Unsecured Notes
Pricing Date
23 June 2022
Settlement Date
3 July 2022 (T+9)
Issue Size
US$ 1,750,000,000
US$ 1,250,000,000
Tenor
10-year
30-year
Maturity Date
7 July 2032
7 July 2052
Spread to UST
100 bps
175 bps
Re-offer Yield
4.050% per annum
4.951% per annum
Coupon
4.050% per annum, payable semi-annually
4.951% per annum, payable semi-annually
Re-offer Price
100%
100%
Listing
London Stock Exchange and Nasdaq Dubai
Taipei Exchange, London Stock Exchange and Nasdaq Dubai
Denominations
USD 200,000 and integral multiples of USD 1,000 in excess thereof
Joint Lead Managers (2032)
ADCB, Citi, Emirates NBD, FAB, HSBC, J.P. Morgan, Mashreq, BofA and Standard Chartered
Joint Bookrunners (2052)
ADCB, Citi, Emirates NBD, FAB, HSBC, J.P. Morgan, Mashreq, BofA and Standard Chartered
Structuring Agents (2052)
ADCB, Emirates NBD, FAB, Mashreq, BofA
Co-Manager (2032)
Industrial and Commercial Bank of China Limited, ICBC International Securities Limited & ICBC Standard Bank Plc
Breakdown by Investor Type
USD 10-Year
Banks & Private Banks
Fund Managers
Insurance
Pension Funds & Central Banks
Breakdown by Investor Type
USD 30-year (Formosa)
Banks & Private Banks
Fund Managers
Insurance
Pension Funds & Central Banks
Breakdown by Investor Geography
USD 10-Year
Asia
Europe
MENA
UK
US
Breakdown by Investor Geography
USD 30-year (Formosa)
Asia
Europe
MENA
UK
US
October 2021: USD 4.0BN - Multi-tranche 144A/RegS Bond Offering
Summary of Terms
Issuer
Federal Government of the United Arab Emirates acting through the Ministry of Finance
Issuer Ratings
Aa2 by Moody's and AA- by Fitch (both with a Stable Outlook)
Format
144A/Regulation S
Status
Senior Unsecured Notes
Pricing Date
6 October 2021
Settlement Date
19 October 2021 (T+8)
Issue Size
US$ 1,000,000,000
US$ 1,000,000,000
US$ 2,000,000,000
Tenor
10-year
20-year
40-year
Maturity Date
19 October 2031
19 October 2041
19 October 2061
Spread to UST
+70bps
+105bps
+117.6bps
Re-offer Yield
2.231%
3.078%
3.250%
Coupon
2.000%
2.875%
3.250%
Re-offer Price
97.940%
96.985%
100.000%
Listing
London Stock Exchange Nasdaq Dubai
London Stock Exchange and Nasdaq Dubai
Taipe Exchange, London Stock Exchange, and Nasdaq Dubai
Denominations
USD 200,000 and integral multiples of USD 1,000 in excess thereof
Joint Lead Managers (2031 and 2041)
ADCB, Citi, Emirates NBD, FAB, HSBS, J.P. Morgan, Mashreq, BofA and Standard Chartered
Joint Bookrunners (2061)
Citi, HSBC, J.P. Morgan and Standard Chartered (through their Taiwanese entities)
Structuring Agents (2061)
ADCB, Emirates NBD, FAB, Mashreq, BofA
Breakdown by Investor Type
10-Year
Banks & Private Banks
Fund Managers
Insurance
Pension Funds & Central Banks
Breakdown by Investor Type
20-Year
Banks & Private Banks
Fund Managers
Insurance
Pension Funds & Central Banks
Breakdown by Investor Type
40-Year Formosa
Banks & Private Banks
Fund Managers
Insurance
Pension Funds & Central Banks
Breakdown by Investor Geography
10-Year
Asia
Europe
MENA
UK
US
Breakdown by Investor Geography
20-Year
Asia
Europe
MENA
UK
US
Breakdown by Investor Geography
40-Year Formosa
Asia
Europe
MENA
UK
US

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