FINANCIAL NEWS

Dubai: No other bond issue planned

02 Oct 2010

(MENAFN) Dubai, returning to international debt markets this week with a $1.25 billion issue that has met strong Asian investor demand, has no plans to issue a new bond in the ‘near future’, its finance chief told Dubai TV.

The debt placement, the emirate’s first since its debt crisis rattled global financial markets last November, unfroze the credit market and attracted healthy demand from international investors.

Dubai’s finance chief said the emirate would therefore not need to tap the debt market again any time soon.

The unrated issue was four times oversubscribed and priced at a yield of 6.7 percent on the $500 million five-year tranche and 7.75 percent for the $750 million 10-year tenor with spreads of 542.7 and 527 basis points, respectively, over US Treasuries, lead arrangers said.

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