Middle East Economic Survey
DEWA Issues Notes Successfully, Despite Dubai Debt Woes
The Dubai Electricity and Water Authority (DEWA) successfully issued notes on 15 April, despite Dubais debt woes. DEWA sold $1bn of notes, which were oversubscribed with an order book totaling $11bn. The bonds carried an 8.50% coupon, with a spread of 592bps over US treasuries, and were sold in the private placement under 144a rules which allows them to be bought by US investors....