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Dubai plans up to $1 bln in bonds – sources

Bond first govt issue since before debt crisis.


September 24, 2010 9:09 by

Dubai’s government plans to issue up to $1 billion in bonds with a tenor of up to 7 years, two sources said on Thursday, the Gulf Arab emirate’s first such issue since before 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 told Reuters.

A Dubai government spokeswoman declined to comment.

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

It launched a $6.5 billion bond programme last October, made up of $4 billion worth of euro-denominated medium-term notes and a $2.5 billion Islamic loan.

Last year, Dubai surprised global markets with a request to delay debt payments linked to its flagship conglomerate Dubai World . Earlier in September, Dubai World reached a formal deal to restructure almost $25 billion of liabilities.

Unlike the oil-producing emirate of Abu Dhabi, Dubai has no sovereign rating, which analysts have said could make it difficult to issue debt at a reasonable price. (Reporting by Dinesh Nair and Amran Abocar; writing by Raissa Kasolowsky; editing by Firouz Sedarat/Ruth Pitchford)


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