The Central Bank of the UAE’s (CBUAE) AED 1.1 bn T-Sukuk auction in May was 6.3x oversubscribed, drawing in AED 6.9 bn in bids, with participation from eight primary investors, according to a Finance Ministry statement on X. The auction was part of the Islamic T-Sukuk issuance program for this year, Wam reports.

The auction included two tranches, made up of a re-opened May 2027 tranche and a new 5-year Sukuk set to mature in May 2030. The 2027 tranche settled at a 3.99% yield, with a spread of 2 basis points above comparable US Treasuries, while the 2030 tranche yielded 4.06%, with a flat basis point against US treasuries.

This follows on from successive oversubscribed auctions, with one in April seeing 5.6x in demand after receiving AED 6.12 bn in bids. Similarly, February’s auction was 6.5x oversubscribed and January’s AED 6.9 bn gave it a subscription rate of 6.3x.

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