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Home Public Finance Public Debt T-Bonds

T-Bonds

T-Bonds: Local Currency Bond Issuance

Federal treasury bonds (T-Bonds) are domestic bonds issued by the UAE federal government denominated in the Emirati Dirham (AED). With the nation’s strong economy and high credit standing from major international rating agencies, T-Bonds offer opportunities for local, regional, and global investors seeking to diversify their investment portfolio.

Legal Disclaimer: Not for distribution, directly or indirectly, in or into the United States

T-Bonds: Local Currency Bond Issuance
Objectives

The primary objective of local currency bond issuance is to develop the UAE yield curve which serves as a benchmark and reference index for various financing operations of the federal government, including long term mortgage interest rates and capital projects. The yield curve shows the bond interest rates across various maturities and indicates the expected return on capital over different investment terms.

Issuing local currency bonds provides major benefits that fuel growth and stability across the UAE’s financial landscape, including:

Diversifying funding sources and minimising dependency on the foreign capital markets

Expanding the investor base for local currency bonds to reduce exposure to rollover and foreign exchange fluctuation risks

Providing local investors with the opportunity to invest in local government securities in UAE dirham

Offering alternative financing resources for the private sector, banks, and financial institutions in the UAE

Building a Dirham Yield Curve
A catalyst to advance the UAE economy
Establishing a yield curve in dirham offers strategic advantages that support sustainable economic growth and market development.
Key benefits:
  • •
    Enables the UAE to meet future funding needs in its own currency
  • •
    Supports efficient pricing and capital allocation through an actively traded government bond market
  • •
    Develops the capital market and provides safe investment assets through an active government securities market
  • •
    Provides opportunities for foreign investors to invest in local currency
T-Bonds Investment Process

T-Bonds are fixed-income investment securities offered for subscription for investors. Purchasing T-Bonds means lending the federal government (bond issuer) an agreed amount of money for a specified term. In return, the investor (bondholder) receives regular interest payments from the government, known as the ‘coupon’. The bond issuer fulfils its debt obligation once the bond reaches its ‘maturity date’ or the date on which the bond’s principal amount, known as the ‘face value’ or ‘par value’, must be paid in full. The process involves the following steps:

1.

T-Bonds issuance

The government issues T-Bonds, which the investor subscribes to by purchasing them at the determined issue price.

2.

Interest payment to investors

The government makes fixed, periodic interest payments to the investor.

3.

Face value repayment

Upon maturity, the government repays the bond’s face value, including outstanding interests.

Relevant Resources on UAE T-Bonds

UAE T-Bonds Programme Information Memorandum

(272 KB, PDF)

UAE T-Bonds Programme Tender Process Rules

(126 KB, PDF)

UAE T-Bonds Programme Primary Dealer Code

(293 KB, PDF)
For more information
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