DEWA securitises cashflows to raise $1bn
- From: Vol 8, Issue 9 (September 2007)
- Category: General
- Region: Middle East
- Country: United Arab Emirates
- Related Companies: ABN Amro, Calyon, Mott MacDonald and Standard & Poor’s
The Dubai municipal utility has issued a long-dated asset-backed bond to help fund its ambitious capex programme. There is more to come.
Dubai Electricity and Water Authority completed the Gulf’s largest securitisation to date in mid-August, issuing a $1 billion tranche of callable FRNs (floating rate notes) with a legal final maturity falling in 2036.
It is the first part of a $4 billion programme arranged by ABN Amro and Calyon, which gives DEWA the flexibility to issue further securities in ...
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