Bond issues approach

16 June 2006
Roadshows are due to be launched on 18 June in Riyadh for the planned sukuk issue by Abu Dhabi-based National Central Cooling Company (Tabreed). The issue is being arranged by Commerce International Merchant Bankers, Dresdner Kleinwort Wasserstein and HSBC.

The roadshows will be staged in Bahrain, the UAE, Singapore, Malaysia, Hong Kong, Germany and the UK. The issue is expected to be worth about $200 million. Standard & Poor's has assigned Tabreed with a BBB- long-term rating. It is the company's second sukuk issue (MEED 5:3:04).

A presentation is due to be held for potential investors on 19 June for a dirham-denominated bond for Dubai-based carrier Emirates. The size of the issue is expected to be in the region of AED 1,800 million ($490 million) and will replace imminently maturing paper.

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