​UAE: $4bn federal bonds issued; prospectus sheds some light on the federation and Sharjah

GULF COUNTRIES - Report 06 Oct 2021 by Justin Alexander

The $4bn issuance was slightly larger than initially indicated, pricing close to Abu Dhabi as expected. It was largely opportunistic as the federal government rarely runs a deficit and even this year it's unlikely to be much more than -$1bn, with most of the bond proceeds going into the investment pot of the Emirates Investment Authority. Still, the prospectus revealed some new data and interesting details about the federation, including Abu Dhabi's role in financing it. There was also a rare hint that the federal government could theoretically help emirates with debt service, although it has no legal obligation to do so, which could help mitigate the risk of a downgrade to junk status for Sharjah emirate.

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