The government of Dubai's fresh borrowing program is likely to initially raise $1 billion through an Islamic bond to refinance the debt held by the aviation department, said the head of Emirates NBD Capital, which is involved in the program.
Chief Executive Suresh Kumar told Reuters on Tuesday that the first tranche, part of the $6.5 billion conventional and Islamic bond program launched last week, would set the benchmark for the rest and the pricing would have a spread of around 300 basis points.
"My sense is it will be focused on the Islamic certificate program to raise possibly $1 billion to be used to meet the maturity of the DCA (Department of Civil Aviation) sukuk," Kumar told the Reuters Investment Summit in Dubai.
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