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Dubai raises $5 billion more in bonds
The Dubai government has raised a further…
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Nov 25th, 2009
The Dubai government has raised a further $5 billion by selling bonds to two Abu Dhabi banks as part of its $20 billion bond program, it announced on Wednesday. The bonds were bought equally by National Bank of Abu Dhabi and Islamic lender Al Hilal Bank, Dubai’s Department of Finance said in a statement.
According to the statement, $1 billion will be drawn initially, and will be split equally between a conventional bond issuance to NBAD and a sukuk to Al Hilal Bank.
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Well I guess the recession is still not over yet. I think more problem will start to surface. Japan maybe next