Business | Investment

Dewa issues price guidance for sukuk

Dubai’s sole utility provider to meet investors this week

  • Reuters
  • Published: 16:40 February 26, 2013
  • Gulf News

Dubai: Dubai Electricity and Water Authority has issued initial price guidance for a five-year, benchmark-sized Islamic bond, or sukuk, a document from lead arrangers said on Tuesday.

The emirate’s sole utility provider is aiming to sell the dollar-denominated sukuk in the low 3 per cent area, the document said.

Benchmark-sized is typically understood to mean at least $500 million.

Dewa is meeting fixed income investors in London and Asia this week ahead of the possible sukuk sale, which is due to price this week.

Standard Chartered, Citigroup, RBS and local lenders Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank are mandated joint bookrunners on the deal.

Gulf News
Business Editor's choice
Quick Access

  1. Markets

  2. Economy

  3. Property

  4. Aviation

Business Top Stories

  1. Etisalat unveils shared plans for business users

  2. 500,000 workers needed in Dubai

  3. Nakheel awards Dh47m in Deira Islands contracts

  4. DED sees 13% rise in licenses during March 2014

  5. Abu Dhabi developers finetune off-plan ambitions