RIYADH: Emirates Development Bank (EDB) is planning to sell its second-ever international bonds as soon as this month, Bloomberg reported, citing people familiar with the matter.
EDB could raise $750 million or more, the people said, asking not to be identified as the information is private. The money would be directed to support companies operating in sectors considered priorities for the wider economy, they said.
The UAE passed a law in October 2018 allowing the federal government to issue sovereign debt for the first time, enabling its seven emirates to benefit from a higher credit rating and lower borrowing costs.
Emirates Development Bank was the first entity to take advantage of the debt law by selling its first debt in 2019. The government has yet to issue a federal bond for the first time, Bloomberg said
EDB started operations in 2015 and provides financing to citizens and small- and medium-sized enterprises (SMEs).
