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....