Dewa mulls listing $1b bond on Nasdaq Dubai

02 May 2010

(MENAFN) Dubai Electricity and Water Authority (Dewa) said that it would list a $1 billion, five-year bond it issued in April on the Nasdaq Dubai exchange, Al-Ittihad reported reported.

Dewa’s bond was the first from Dubai since the emirate’s debt issues emerged and will pay a semi-annual coupon of 8.5 percent, the authority said last month.

Dewa’s Chief Executive, Saeed Mohammed Al Tayer, said that the authority is currently considering listing the bond issued in mid-April worth $1 billion for trading on the Nasdaq Dubai.

Since the Dubai World’s shocking announcement of in November that it needed to delay repayment on $26 billion in debt, Gulf firms have had difficulties tapping the debt market. However, the government’s overhaul plan for Dubai World announced in March has opened the door again for state-linked issuers.

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