DUBAI: The UAE is expected to begin marketing its first bond as a federation as soon as this week, a transaction denominated in US dollars, four sources familiar with the matter said on Sunday.
The UAE federal government has never issued bonds before, although several of the seven emirates that it comprises have, including the capital Abu Dhabi and commerce hub Dubai.
Banks advising the government on the fundraising exercise include Citi, HSBC, First Abu Dhabi Bank, JPMorgan, Standard Chartered and BofA Securities, two of the sources said.
The UAE government media office and Finance Ministry did not immediately respond to emailed requests for comment from Reuters.
First Abu Dhabi Bank declined to comment, while the other banks did not immediately respond to comment requests.
Two sources said they expected it to be a multibillion-dollar deal, a transaction of benchmark size.
“They wouldn't get out of bed for less than $1-$2 billion,” one of them said.
