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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.
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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
Allocation by Investor Type
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
USD 10-Year
Breakdown by Investor Type
USD 10-Year
USD 10-Year
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
USD 10-Year
Breakdown by Investor Type
USD 30-year (Formosa)
USD 30-year (Formosa)
Breakdown by Investor Geography
USD 10-Year
USD 10-Year
Breakdown by Investor Geography
USD 30-year (Formosa)
USD 30-year (Formosa)
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)
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ADCB, Citi, Emirates NBD, FAB, HSBS, J.P. Morgan, Mashreq, BofA and Standard Chartered |
|
Joint Bookrunners (2061)
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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
10-Year
Breakdown by Investor Type
20-Year
20-Year
Breakdown by Investor Type
40-Year Formosa
40-Year Formosa
Breakdown by Investor Geography
10-Year
10-Year
Breakdown by Investor Geography
20-Year
20-Year
Breakdown by Investor Geography
40-Year Formosa
40-Year Formosa
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