The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the second auction of the Islamic Treasury Sukuks programme (T-Sukuks), which is part T-Sukuks issuance programme for 2023 as published on the ministry’s website.

The second auction of the UAE T-Sukuks programme witnessed a strong demand through the eight primary dealers, with bids received worth AED 6.9 billion, and an oversubscription by 6.2 times. The strong demand was across both tranches – the two-year and three-year tranches. The success is reflected in the attractive market driven prices, which was achieved by a spread of 0 to 5 bps over US Treasuries with similar maturities. The second auction followed the practice of re-opening the T-Sukuks which helps in building up the size of individual sukuk issues over time and improves liquidity in the secondary market.

The Islamic T-Sukuks programme will contribute to building a local currency Sukuk market, developing the UAE dirham denominated yield curve, diversifying funding sources, boosting the local financial and banking sectors, providing safe investment alternatives for local and foreign investors, strengthening the local debt capital market, and developing the investment environment.

For more information , please visit:

https://mof.gov.ae/federal-debt-management-office/