According to an investor presentation made Friday by the Dubai’s department of finance, the total outstanding external term borrowings of the Government of the emirate stood at 115.4 billion U.A.E. dirhams ($31.4 billion) as on May 20, 2011.
On Thursday, news leaked in local media revealed that Dubai Government plans to issue a dollar-denominated, benchmark-sized bond, amid signs that confidence in Dubai’s economic fundamentals is slowly returning.
Dubai’s department of finance has appointed UBS AG, Royal Bank of Scotland Group PLC and Emirates NBD for a dollar-bond issue under its EMTN program. Proceeds will be used for general budgetary purposes.
A series of meetings with fixed-income investors will take place in London on Monday and Tuesday, with the bond expected to launch and price thereafter, subject to market conditions, according to a banker familiar with the matter.
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