U.A.E. Bond Spreads Climb as Sales Rush Drains Cash: Chart

After dropping to a six-month low in May as oil recovered, United Arab Emirates bond spreads have climbed 22 basis points over the past two weeks amid a spate of new issues. Ports operator DP World Ltd. mopped up $1.2 billion, Etihad Airways and its partners placed $500 million of securities and two banks from the country raised a combined $1.25 billion, leading to a sell-off in the secondary market. The option adjusted spread on the Bloomberg Dollar U.A.E. Composite Liquid Index, which tracks 86 securities in the country, climbed to 189.6 basis points on June 3.

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