Dubai mulls $1b bond issue

24 Sep 2010

(MENAFN) Dubai’s government plans to issue up to $1 billion in bonds with a tenor of up to seven years, two sources said, the emirate’s first such issue since its debt crisis erupted late last year.

The bond may come as early as next week, said one source familiar with the matter and one banker.

HSBC and Standard Chartered were among the mandated banks, the banking source said. A Dubai government spokeswoman declined to comment.

Dubai has held what it said were two non-deal roadshows, one in June for European fixed-income investors, and one in August in Asia.

Earlier in September, Dubai World reached a formal deal to restructure almost $25 billion of liabilities.

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