The Dubai Electricity and Water Authority, or Dewa, returned to global debt markets after an absence of more than two years on Thursday with a $1 billion Islamic bond, or sukuk, which drew very strong demand.
The government-owned utility printed the five-year paper at par at a profit rate of three per cent, a statement from lead arrangers said. The final profit rate was at the tighter end of guidance released earlier in the day, indicating healthy investor appetite. Order books were reportedly over $5.5 billion before they closed in the Middle East, and traders indicated the deal was already bid higher in the grey market ahead of pricing. ……………………………………….Full Article: Source