Dubai plans to issue dollar bond
16 Feb 2017 - 22:19
Dubai: The emirate of Dubai is expected to issue a US dollar bond by the end of the first quarter, though it has not yet sent to banks any official requests for proposals to arrange the issue, banking sources familiar with the matter said yetsreday.
Banks that had lead managers’ roles on Dubai’s previous debt issues have pitched for a new mandate, added one of the sources, speaking on condition of anonymity because the matter is private.
The size of the deal is likely to be larger than a benchmark issue, which conventionally means upwards of $500m, the same source said.
Its latest international bond was a $750 million sukuk issue in 2014 that is due in 2029, arranged by Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered.