Dubai's sovereign bonds rallied this week, benefiting from good liquidity in the market as well as a rise of investor confidence in the high-flying emirate's ability to repay debts and sustain growth.
Traders cited a general improv
Dubai is planning to raise $1.25 billion from a two-tranche Islamic bond sale on Wednesday, with final price guidance for both tranches tighter than indicated initially.
The price range for the five-year portion was set at between 4.90 and
State-run Abu Dhabi National Energy Co (Taqa) has sold $1.5 billion in bonds maturing in five and 10 years to refinance upcoming debt.
The company issued $750 million in five-year bonds paying a premium of 330 basis points over comparable
Dubai's Nakheel will issue the first tranche of a Dh4.8 billion ($1.31 billion) Islamic bond to trade creditors on Thursday, its chairman said, as the property firm completes a complex debt restructuring underway since 2009.
Dubai World, the state-owned conglomerate, has reached a deal in principal to restructure $23.5 billion with its core lenders, clearing one hurdle for Dubai but leaving investors with other debt concerns.
The deal, which requires no new su
Dubai World may offer creditors new debt tranches at zero or reduced interest in a plan to restructure $26 billion in debt, a UAE newspaper said on its website, citing bankers close to the situation.
'What they (Dubai World) came back
The government of Dubai raised a further $5 billion as part of a $20 billion bond programme launched this year, half of what was expected in the long-awaited issue.
The $5 billion tranche was subscribed to by National Bank of Abu Dhabi and
Dubai's government placed $1.93 billion in new five-year Islamic bond issues, with pricing at 375 basis points over benchmarks, two bankers said on Wednesday.
The size of the dollar tranche of the Islamic bond, was $1.25 billion, while the
Mubadala Development, an Abu Dhabi government investment fund, has launched a $1.75 billion two-tranche bond, an official at one of the lead managers said.
The $1.25 billion five-year tranche will give a yield of 395 basis points (bps) ove