FINANCIAL NEWS

Report: Dubai to issue dollar Islamic bond this year

17 Jun 2010

(MENFAN) Dubai is expected to launch a US-dollar-denominated Sukuk in the third quarter this year, after well-received presentations to investors last week, Reuters reported citing banking sector sources familiar with the matter.

One source at the arrangers of the roadshow declined to confirm whether Dubai might issue a bond later this year. But a fund manager familiar with the matter said that they had pointed to a 7-10 year Islamic bond (Sukuk), and a senior fixed income trader said that the issue is expected to come in the third quarter.

Between June 4-10, Dubai went on a non-deal roadshow, meeting non-Islamic investors in Switzerland, France, Germany and Britain, in a mixture of presentations and one-to-one meetings, sources said.

The emirate issued a five-year dollar and Emirati dirham two-tranche sukuk in October 2009, shortly before state-owned conglomerate Dubai World rocked markets with a standstill request on billions in debt payments.

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