Business | Banking
Dubai plans dirham bonds to access Gulf debt markets
The Dubai government will access the debt capital markets through a dirham-denominated issue under its recently established Dh15 billion medium-term note (MTN) programme.
- WAM
- Published: 00:08 April 14, 2008
Dubai: The Dubai government will access the debt capital markets through a dirham-denominated issue under its recently established Dh15 billion medium-term note (MTN) programme.
The objective of the issuance is to fund the local infrastructure needs of the government and simultaneously contribute to the development of the domestic bond market.
Sami Al Gamzi, director general of the Dubai government's finance department, said that Emirates NBD and Standard Chartered Bank are the arrangers of the MTN programme, and the joint lead managers and book-runners in respect of the inaugural issue under the programme.
The roadshows for the transaction have been conducted in Dubai and Bahrain.
The issue pricing and size will be determined through a book-building process, subject to market conditions. Application has been made to list the dirham bonds on the Dubai Financial Market.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
