UAE is set to market its first dollar bond as a federation this week. Bonds have typically been issued by UAE’s emirate states like Abu Dhabi, Dubai and Sharjah but the government issued a law in 2018 permitting the federal government to begin issuing sovereign debt. While the planned issue size is not yet known, a source said, “They wouldn’t get out of bed for less than $1-$2 billion”. Sources said that banks advising the government include Citi, HSBC, First Abu Dhabi Bank, JPMorgan, StanChart and BofA. On Thursday, Moody’s assigned UAE a provisional Aa2 rating, in line with Abu Dhabi’s.

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