Spreads of UAE sustainable bonds keep moving tighter
All five of the UAE’s bond issuers so far this year have seen strong demand, with the deals 2-3x over-subscribed, resulting in better pricing. Spreads vs. Treasuries launched at 25-35 bps lower levels than the initial price talk, and the spreads on four of these issues have also tightened from the issue date. First Abu Dhabi has seen the smallest move, as it’s 5 bps tighter, and Sharjah Finance Department had the largest move, showing 33 bps of additional spread tightening. Commercial Bank of Dubai priced on June 7 and could follow spread moves for similar securities.
Bloomberg
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