12.02.2013 - Dubaiís bid to cut rate on $800 mln loan said to be rejected
Dubaiís government last month sold $750 million of 10-year Islamic bonds at a price to yield 3.875 percent, compared with 6.45 percent for similar-maturity notes in April. The cost to protect Dubai debt using five-year credit default swap prices tumbled 220 basis points to 225 last year after the emirate partly repaid and refinanced $3.75 billion of debt at state- owned companies and as the cityís tourism, retail, trade and transport industries rebounded. The loan included both conventional and Islamic portions and was aimed at funding transport projects. Thereís demand for good quality assets and the securitization of Dubaiís road-toll receipts, known as salik, is now a proven structure and should generate good demand if itís refinanced, the banker said...............................................Full Article: Source
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