DEWA’s runaway bond success
- From: Vol 11, Issue 4 (April 2010)
- Category: General
- Region: Middle East
- Country: United Arab Emirates
- Related Companies: Citigroup, Dubai Electricity and Water Authority , Moody’s, National Bank of Abu Dhabi, Royal Bank of Scotland and Standard Chartered Bank
DEWA looks to have gone for price rather than size on its new bond issue. The deal is an important step towards restoring faith in Dubai’s credit story.
The Dubai Electricity and Water Authority (DEWA) made a triumphant return to the bond markets on 15 April, pricing a $1 billion 5-year issue to yield 8.50% into an order-book that was several times covered.
On the final day of an international roadshow which took in stops in Europe, the US and Asia, joint-lead managers Citigroup, National Bank of ...
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