According to Amac News: The announcement of the Ministry of Finance states that this issuance is part of the Islamic Sukuk issuance program for the fourth quarter of 2024, which was published on the Ministry's website.
According to the announcement, the auction saw strong demand from eight major sellers for both May 2027 and September 2029 maturing tranches of the Islamic T-Sukuk with bids worth AED 7.2 billion and more than 6.5 times oversubscribed.
This success is reflected in attractive market-driven pricing with yield-to-maturity (YTM) of 4.10% for the May 2027 tranche and 4.12% for the September 2029 tranche, representing a 10 and 12bps spread over US Treasuries.
The Islamic T-Sukuk issuance program will help build the UAE dirham yield curve, provide investors with reliable investment alternatives, strengthen the local debt capital market, develop the investment environment, as well as support sustainable economic growth.