Dubai unveils $6.5 b borrowing plans

The Dubai government has unveiled plans to raise 6.5 billion dollars
through bonds, Emirates Business 24 /7 reported on Monday, citing a
prospectus for potential investors. The borrowing programme will be
divided into four billion dollars in a euro medium-term note ( EMTN)
and a 2.5- billion-dollar Islamic bond issue, or sukuk, Emirates
Business said. The Dubai Government said the new EMTN debt may be
listed on the London Stock Exchange ( LSE) and the Dubai Financial
Market (DFM), the paper said. The lead arrangers for the EMTN are
Mitsubishi UFJ Securities International, Standard Chartered Bank and
UBS Investment Bank. Officials who addressed investors in Dubai on
Sunday said the lead managers of the sukuk issue are Dubai Islamic
Bank, Mitsubishi UFJ, Standard Chartered and UBS Investment Bank. "I
am sure the issue will get oversubscribed as there are eager
investors who want to pick up a portion of the Dubai debt, especially
because I am sure it will be issued at a comfortable price," a top
foreign bank official told Emirates Business.