Dubai's Utility DEWA To Sell 5-Yr, Benchmark Size Bond-Banker - WSJ.com
State-utility Dubai Electricity & Water Authority, or DEWA, will sell five-year, dollar-denominated bonds in a benchmark-sized issue this week, a banker familiar with the deal said Tuesday.
DEWA, which started a series of fixed-income investor meetings last week, will wrap up its road show on Wednesday and a bond issue is expected this week, the banker told Zawya Dow Jones.
Exact size and pricing of the issue is yet to be determined, the banker said.
Saeed Mohammad Al Tayer, Dewa's managing director, said last month that the company plans to raise up to $1.5 billion through a bond issue, which he expects to go ahead in the second quarter of this year.
The bond sale will mark the first deal out of Dubai, which is restructuring debt at its conglomerate Dubai World, since the emirate itself issued a two-part sukuk offer last October.
DEWA is rated 'Ba2' by Moody's Investors Service and BBB- by Fitch Ratings.END
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