Government of Dubai launches trading of first-ever dirham bond issue
The government of Dubai has launched trading in the Government of Dubai bond on Thursday at the official listing ceremony at Dubai International Financial Market. Earlier last week, the successful closing of the 1.5 billion Emirati dirham bond ($408 million) issue, the first ever by the Government of Dubai, was announced with news that the final pricing was set at 47 basis points over the five year dollar swap rate to give a coupon of 3.11 percent. The issue was oversubscribed 1.5 times.
The Joint Lead Arrangers and Underwriters of the issue were Emirates Bank International PJSC, HSBC Financial Services (Middle East) Limited, National Bank of Abu Dhabi, National Bank of Dubai and Standard Chartered Bank. ABN AMRO acted as the Financial Consultant to the issuer.
Investors will be able to trade the bonds in multiples of Dh 25,000 via exchange brokers. The low multiple amount aims to make the bonds available to retail investors. — (menareport.com)
© 2003 Mena Report (www.menareport.com)