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The UAE was set to raise $3 billion with a two-tranche US dollar-denominated bond sale comprising a 10-year tranche and 30-year Formosa portion, a bank document showed on Thursday.
The bonds, for which demand topped $13.5 billion, will offer investors 100 basis points over US Treasuries (UST) for the 10-year paper and 175bps over UST for the Formosa notes, according to the document from one of the banks on the deal, expected to price later on Thursday.
The 10-year tranche will be of $1.75 billion and the 30-year $1.25 billion.
The debt sale will be used for “budgetary purposes in compliance with the Public Debt Strategy and/or for the purpose of investment by the EIA pursuant to the Public Debt Strategy,” another bank document said, referring to the UAE’s federal sovereign wealth fund.
An investor presentation viewed by Reuters showed the UAE expects Dh56.7 billion in revenues in its Dh58.9 billion budget for 2022, leaving it with a Dh2.2 billion deficit to fill.
The federal budget accounts for only a fraction of consolidated state spending in the UAE as individual emirates such as Abu Dhabi and Dubai also have their own budgets.
Abu Dhabi Commercial Bank, BofA Securities , Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Mashreq and Standard Chartered are joint lead managers and bookrunners on the 10-year tranche, with ICBC as co-manager.
Citi, HSBC, JPMorgan and Standard Chartered are joint bookrunners on the Formosa portion. ADCB, BofA Securities, Emirates NBD Capital, First Abu Dhabi Bank, ICBC and Mashreq are structuring agents.
Earlier this week, the UAE raised Dh1.5 billion in a local currency treasury bond sale. The first of such sales was in May, raising the same amount. Four similar issues are expected this year.
Those local currency deals followed the UAE federal government’s debut dollar bond sale in October, which raised $4 billion our of an orderbook of over $22.5 billion in orders.— Reuters
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