State-owned Dubai utility Dewa drew hefty demand of $17 billion for a $2 billion two-tranche bond it launched on Thursday, helped by juicy yields and improved sentiment towards the debt-laden emirate.
Dubai Electricity and Water Authority'
Dubai Electricity and Water Authority (Dewa) has placed a $1 billion, five-year bond, the first bond from Dubai since its debt troubles emerged.
The bond will pay a semi-annual coupon of 8.5 percent, Dewa said.
The Dubai Electricity and Water Authority (Dewa) has budgeted 6.42 billion dirhams ($1.75 billion) to complete ongoing projects and begin new ones, the utility's chief executive, Saeed Mohammed Al-Tayer, was quoted as saying.
The Dewa fund
State-owned utility Dubai Electricity & Water Autority (Dewa) rejected a report that credit downgrades of government-owned firms could lead to an accelerated payment clause for $2 billion of its debt.
'This is incorrect, people are