23.01.2013 - BLME comment on planned Government of Dubai Sukuk issuance
This 10-year issue has come to market very quickly, and appears to utilise the existing Sukuk programme that investors are already familiar with. The suggested 4% price of the issuance appears to be fair, given the recent $650m issue maturing in May 2022 currently trades with a yield just inside 4%. Long-dated dollar swap rates have started to climb in the last two months, while Dubai's 10-year credit spread has fallen, so it looks like this issue seeks to lock-in a low long-term cost of financing before the window of opportunity may close...............................................Full Article: Source
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