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Dubai Sets Up $5 Billion Bonds Plan After Yields Sink to Low (2)

12/06/2011 02:23:12 PM GMT   Comments ()     Add a comment   Print     E-mail to friend

Dubai set up a $5 billion bond program to help bridge its budget deficit and fund investments as yields fell to the lowest in at least two years this month.

The Persian Gulf sheikhdom will use proceeds from the dollar-denominated bonds for infrastructure spending and "budgetary purposes," it said in a prospectus distributed by the Regulatory News Service. Yields on Dubai’s $1.25 billion of sukuk bonds due in 2014 fell to the lowest level since their sale in October 2009 to 4.573 percent on June 1 from as high as 6.69 percent on Jan. 31, according to data compiled by Bloomberg. The yield was last at 4.76 percent on June 10. Wire External Story - Read full article here is not responsible for the content of external internet sites

Source: AJP

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