Dewa ‘sets tighter bond guidance’
Dubai, April 15, 2010
State-owned utility Dubai Electricity and Water Authority (Dewa) has set a price guidance of 8.50-8.625 per cent, two leads said, tighter than an earlier indication of 8.75 per cent.
One of the leads said the order book of the Dewa issue, rated BBB- by Fitch Ratings, was $10 billion.
Bankers had said the level of interest in the issue - the first from Dubai since debt troubles surfaced last year - suggested final pricing would be tighter than initially indicated.
The bond will be priced on Thursday and its size has yet to be set. – Reuters