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Sunday, 26 September 2010

Abu Dhabi sees no bond in 2010, Dubai says no comment | Reuters

Abu Dhabi will not issue sovereign bonds this year, while fellow United Arab Emirate member Dubai is determined to get a credit rating in the future, top government officials said on Sunday.

Both Gulf Arab emirates have been testing investor interest in potential debt issues during recent months, with sources indicating debt-crisis hit Dubai may be first to tap the market.

Last week, two sources told Reuters that Dubai was readying to issue up to $1 billion in bonds as early as this week, the first sovereign placement from the emirate since its debt crisis rattled the markets in November 2009.