Dubai hired Royal Bank of Scotland Group Plc (RBS), UBS AG and Emirates NBD PJSC (EMIRATES) for a benchmark dollar bond sale, three people familiar with the transaction said, as the emirate seeks to bridge its budget deficit.
Conference calls with investors will begin tomorrow, with one meeting scheduled in London next week, one of the bankers said, declining to be identified because the information is private. A benchmark bond is at least $500 million.
This “is positive news for the market,” Adnan Haider, head of fixed-income and equities at Abu Dhabi Commercial Bank PJSC, said in a phone interview. “I think they are taking advantage of market liquidity and the positive response to recent sales, such as the Emirates bond, and the Dubai World restructuring.”
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