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UAE has no sovereign bond plan before 2012

The UAE has no plan to issue federal bonds before next year, Reuters has reported, citing a finance ministry document. "The federal government will not issue sovereign bonds before 2012 and only if deemed necessary," Obaid Humaid al-Tayer, minister of state for financial affairs, said in the latest ministry newsletter. "The UAE is currently working on launching a bond market parallel to the stock markets which will increase initial issuance on a federal level and local level."