UAE Binges on Dollar Debt With $19 Billion Maturity Wall Looming
- Tight spreads, refinancing needs may drive 2025 debt issuance
- Price outlook clouded by new-bond supply, tariff threats to EM
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The United Arab Emirates is on a borrowing binge — and looks set to extend its debt-issuance spree well into the new year.
Companies as well as sovereign entities in the UAE — one of the highest-rated emerging markets — issued $38.4 billion of dollar debt this year. That was 54% more than last year and the most since the Covid-induced financing splurge of 2020, according to data compiled by Bloomberg. Federal and emirate-level government bonds led the charge, unlike last year when corporates were the biggest borrowers.