ABU DHABI: The Ministry of Finance, in collaboration with the Central Bank of the UAE, announced robust interest in the latest auction of Islamic Treasury Sukuk, drawing bids worth AED 7.2 billion. The auction, part of the Islamic T-Sukuk issuance program for the fourth quarter of 2024, offered bonds denominated in UAE dirhams amounting to AED 1.1 billion. According to Emirates News Agency, the auction attracted eight primary dealers for the two tranches of Islamic T-Sukuk, which are set to mature in May 2027 and September 2029. The auction was oversubscribed by 6.5 times, highlighting the strong demand in the market. The Yield to Maturity (YTM) was recorded at 4.10 percent for the tranche maturing in 2027 and 4.12 percent for the tranche maturing in 2029. These yields represented a spread of 10 and 12 basis points above U.S. Treasuries with similar maturities. The Ministry of Finance noted that the Islamic T-Sukuk issuance program aims to contribute to the development of a UAE dirham-denominated yield cur ve, offering safe investment alternatives and strengthening the local debt capital market. This initiative is expected to enhance the investment environment and support sustainable economic growth in the region.