Your guide to relocating to Dubai

Download our free guide on moving to Dubai

UAE's $1.5 Billion Sovereign Bond Oversubscribed Five Times

Jonathan Wong

Jonathan Wong

20 September 2023

The UAE's first US dollar-denominated sovereign bond offering in over a year received significant interest and was oversubscribed by five times, with bids totaling more than $7.4 billion. The bond attracted a diverse range of investors, including those from the Middle East, the US, Europe, Asia, and the UK.

This 10-year bond, maturing in September 2033, offers a yield of 4.917 percent and is listed on the London Stock Exchange and Nasdaq Dubai. The success of the bond issuance demonstrates the UAE's appeal to investors and its status as a prominent investment destination.

The UAE economy has shown resilience, with strong growth in the non-oil sector, contributing to its economic expansion. Additionally, the country's robust reform efforts and progress in economic partnership talks are expected to enhance trade and attract more foreign direct investment.

Joint lead managers and bookrunners for the bond include Abu Dhabi Commercial Bank, BNP Paribas, Citigroup, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Goldman Sachs, Mashreq Bank, and Mizuho. The bond has received strong credit ratings, reflecting the UAE government's high creditworthiness.