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Dubai 2003 bond launched

posted on 12/05/2003: 2002 views


A presentation (roadshow) for investors in the Dh1.5 billion Dubai 2003 bond was held yesterday. The final pricing of the bond will be based on the five-year U.S. dollar swap rate plus a spread to be established following a "price discovery exercise" undertaken by the joint lead arrangers yesterday. This process is being used for the first time in the UAE for a bond issue and will help ensure that the issue spread reflects market demand.



"This transaction marks a new chapter in the development of the UAE capital markets and will contribute to the emergence of an efficient financial market in Dubai," Ibrahim Belselah, Dubai 2003 coordinator general, told local and regional investors at the presentation.



This marks the official launch of the Government of Dubai's Dh 1.5 billion bond issue to be listed on the Dubai Financial Market. This is the first bond ever issued by the Government of Dubai. The bond issue is being arranged and underwritten by Emirates Bank International, HSBC, National Bank of Dubai, National Bank of Abu Dhabi and Standard Chartered Bank. It will be cleared and settled through (as well as listed on) the DFM and the dealings are expected to commence this month. During the primary distribution period, the minimum investment will be Dh1 million. Thereafter, investors will be able to trade in multiples of Dh25,000 via exchange brokers. The five Joint Lead Managers will also act as primary market makers. (The Gulf News)

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