Dubai set up a $5 billion Euro Medium Term Note Program.
Dubai Government hired Emirates NBD PJSC, National Bank of Abu Dhabi PJSC, UBS AG, Mitsubishi UFJ Securities International Plc and Standard Chartered Bank Plc to manage the transaction, according to a statement distributed by the Regulatory News Service. Deutsche Bank AG will act as the fiscal and paying agent.
The move comes just two weeks after Emirates airline announced the successful close of its US$ “Reg S” bond issue at USD1 billion. At the time, market sources disclosed that order books for the bond were in excess of $5 billion.
According to an investor presentation made on 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.
Appetite for Dubai debt has been rising in recent months, with the emirate seen as a safe haven amid the political instability engulfing the wider region.
