Thursday, May 08, 2014
0735 GMT [Zawya Dow Jones]--Investment Corporation of Dubai's potential bond sale reflects the emirate's strategy to "increase and upstream leverage at performing entities," says Bank of America Merrill Lynch in a report. ICD announced earlier this week it hired banks for fixed income investor meetings, possibly leading to a dollar-denominated bond issue. ICD serves as holding company -it has stakes in government--related entities such as Emaar Properties, Emirates and Emirates NBD - and is "thought to be among the GREs in better financial shape," says BoA-ML. Analyst notes ICD has no syndicated loans maturing in near term. (nicolas.parasie@wsj.com)
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(END) Dow Jones Newswires
08-05-14 0757GMT
