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UAE’s Islamic Treasury Sukuk achieves bids worth $2.26bln and oversubscription of 7.6 times
16 May 2023 | Tuesday Source: Zawya
The UAE, represented by the Ministry of Finance (MoF), the issuer, in collaboration with the Central Bank of the UAE (CBUAE), the issuing and paying agent, has announced the results of the first auction of the dirham-denominated Islamic Treasury Sukuk (T-Sukuk), with a benchmark auction size of AED1.1 billion, which is part of the T-Sukuk issuance programme for 2023.
The launch of the AED1.1 billion UAE T-Sukuk programme witnessed strong demand through its eight primary bank dealers, with bids worth AED8.3 billion, and an oversubscription of 7.6 times. The strong demand was across both tranches, with a final allocation of AED550 million for the two-year tranche, and AED550 million for the three-year tranche, with a total issuance of AED1.1 billion.
