State-owned Dubai Electricity and Water Authority [DEWATF.UL] will launch a two-tranche dollar bond, a source at one of the lead managers said, while Moody's on Wednesday raised outlook for the utility.
DEWA's new six- and 10-year bonds are its second issue this year and follow last month's offering of the parent Dubai emirate. Analysts expect solid demand as short-term debt concerns eased and investors favour risky assets globally.
The issues will each be of benchmark size -- at least $500 million -- while lead managers are Citi, Credit Agricole, National Bank of Abu Dhabi, RBS and Standard Chartered, the source said. Pricing will take place on Thursday."
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