UAE plans first government bond issue by 2018

July 23, 2014 6:34 am

The UAE finance ministry has said the government is expected to issue its first federal bonds before 2018 to help the country’s banks meet global liquidity rules, but feasibility studies are yet to be completed, Reuters has reported. “The purpose of issuing bonds is to meet the requirements of Basel III, since the central bank needs to accommodate Basel’s requests that the country’s banks maintain certain portions of sovereign bonds, in which case the unavailability of bonds will make the requirement difficult to fulfil,” said Younis al-Khouri, undersecretary at the ministry.