Dubai Electricity and Water Authority plans to issue an Islamic bond, or sukuk, of at least $ 500 million this week, after releasing early price guidance for the deal on Tuesday. The emirate’s sole utility, rated BBB, is aiming to sell the dollar-denominated sukuk at a profit rate in the low 3 percent area, arranging banks said.
DEWA Chief Executive Saeed Mohammed Al-Tayer indicated last week the sukuk would be $ 1 billion and that proceeds would be used to repay debt………………………………………..Full Article: Source