Dubai plans dirham bonds to access Gulf debt markets

Dubai: The Dubai government will access the debt capital markets through a dirham-denominated issue under its recently established Dh15 billion medium-term note (MTN) programme. The objective of the issuance is to fund the local infrastructure needs of the government and simultaneously contribute to the development of the domestic bond market. Sami Al Gamzi, director general of the Dubai government’s finance department, said that Emirates NBD and Standard Chartered Bank are the arrangers of the MTN programme, and the joint lead managers and book-runners in respect of the inaugural issue under the programme. The roadshows for the transaction have been conducted in Dubai and Bahrain. The issue pricing and size will be determined through a book-building process, subject to market conditions. Application has been made to list the dirham bonds on the Dubai Financial Market. Source: WAM