VOL. XLVI

No 23

9-June-2003

UAE

CAPITAL MARKETS

Dubais First Sovereign Bond Oversubscribed

Dubais first sovereign bond issue, which closed on 27 May, has seen a successful debut and came in one and a half times oversubscribed. The Dh1.5bn ($408mn) five-year bond, which was launched on 11 May, carries a margin of 47 bps over benchmark dollar swaps which was within the expected 40-50 bps range and works out at a fixed rate for the full term of 3.11%. Were pleased we got a good turn-out, said a source...