Tuesday, Jun 14, 2011
DUBAI (Zawya Dow Jones)--The government of Dubai plans to issue a U.S. dollar-denominated, benchmark-sized bond of 10 years maturity with a five-year put option under its existing Euro Medium Term Note, or EMTN, program, a banker familiar with the matter said Tuesday.
"The new bonds will be listed on the London Stock Exchange and the Dubai Financial Market. Execution is expected tomorrow," the banker, who declined to be identified, told Zawya Dow Jones.
Emirates NBD, HSBC, RBS and UBS are book runners on the new issue, the banker added.
A series of meetings with fixed-income investors was scheduled in London on Monday and Tuesday, with the bond expected to launch and price this week, subject to market conditions, the banker said.
The government of Dubai earlier this week, in its base prospectus, said it increased the size of its EMTN program to $5 billion, from $4 billion previously, as the troubled state looks to raise more debt to bridge its budget deficit and finance growth.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
(END) Dow Jones Newswires
14-06-11 2007GMT
