In other good news for local debt markets, the Eurasian Development Bank has issued an AED-denominated private placement bond, valued at AED 200 mn, on the local capital market, according to a statement. It comes as the bank looks to boost cross-border trade using local currencies other than the USD, and just a few days after the UAE inked a trade and economic partnership agreement with the Eurasian Economic Union.

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It also marks the bank’s debut local private placement bond, after it placed its first ever AED-denominated bonds on the Astana International Exchange (AIX) earlier this year, becoming the first issuer of AED-denominated bonds in Kazakhstan.

Where will the funds go? The bank will use the funds for “high-impact initiatives” across its member states, spanning regional infrastructure, trade, and industrial projects, the statement said.

ADVISORS- First Abu Dhabi Bank arranged the bond alongside the Abu Dhabi Fund for Development.

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