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FINANCIAL NEWS
Dubai embarks on $1.25b bond issue
30 Sep 2010
(MENAFN) Abdulrahman Al Saleh, Director-General of the Department of Finance of Dubai said that the emirate has embarked on a fund-raising drive by opening a $1.25 billion bond, Khaleej Times reported.
The government has taken careful measures to control costs and manage its budget shortage and this successful issuance provides Dubai with additional liquidity for general budgetary purposes, Al Saleh added.
The dual-tranche Eurobond sale illustrated more global investors with order books for the sale exceeding $5 billion, four times oversubscribed.
The $500 million tranche that matures in five years carries a yield of 6.7 percent while the $750 million 10-year tranche promises 7.75 percent.
The bond offering displays improved investor confidence in the strong long-term value proposition of the emirate of Dubai.
Dubai’s projected shortage would be $1.63 billion in 2010, reducing from $3.51 billion in 2009. Revenue is expected to increase by 3.5 percent to $8 billion this year, while spending is forecast to drop 14.5 percent to $9.63 billion.
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