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Dubai Said to Sell 10-Year Bonds With Put Option in 5 Years (1)

13/06/2011 11:23:10 AM GMT   Comments ()     Add a comment   Print     E-mail to friend

Dubai Meets Investors in London for Bond Sale as Yield Sinks

A general view of the Gulf emirate of Dubai. Dubai’s budget gap is set to narrow to 3.8 billion dirhams ($1 billion) this year, the lowest level since 2007, according to the bond prospectus. Photographer: Karim Sahib/AFP/Getty Images

Dubai is meeting investors in London today ahead of a planned sale of 10-year bonds that will have a put option after five years, according to three bankers familiar with the deal.

The Persian Gulf emirate will issue the notes as part of a $5 billion bond program and will use proceeds for construction spending and to fund the sheikhdom’s budget, according to a prospectus. Yields on Dubai’s $1.25 billion of sukuk bonds due in 2014 fell to 4.78 percent today, from as high as 6.69 percent on Jan. 31, according to data compiled by Bloomberg. The yield dropped to 4.573 percent on June 1, the lowest since their sale in October 2009. Wire External Story - Read full article here is not responsible for the content of external internet sites

Source: AJP

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