VOL. XLVII

No 11

15-March-2004

UAE

CAPITAL MARKETS

UAEs Tabreed Issues $100Mn Sukuk Bond

The UAEs National Central Cooling Company (Tabreed) has successfully issued a $100mn sukuk bond to raise funds to retire some of its debt (of Dh500mn $136mn), and finance expansion. The bond, which will be listed in Luxembourg, has a maturity of five years and carries a coupon of 5.50%. According to Muhammad Saif al-Mazru'i, Chairman of Tabreed, the offering has given the company access to a new range of...