Launch imminent for Dubai 2003 bond

31 January 2003
The Dubai 2003 bond is set to be launched in February. A group of five banks has now been formally mandated to lead arrange the bond, which will be a five-year, local currency issue worth an estimated AED 1,500 million ($409 million).

The proceeds of the bond, the first by the government of Dubai, will be used to meet the costs of the IMF/World Bank meetings due to be held in the emirate in September (MEED 6:12:02).

The lead-arranging group comprises HSBC, Standard Chartered Bank, National Bank of Dubai, National Bank of Abu Dhabiand Emirates Bank International (EBI). The dirham-denominated bond will not be rated but will be listed on the Dubai Financial Market (DFM - stock exchange).

ABN Amrohas been involved in providing advice to the government of Dubai.

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