Middle East Economic Survey
VOL. LIII
No 17
26-April-2010
UAE
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....
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