Rising optimism about the recovery prospects of Dubai has allowed the government’s Investment Corporation of Dubai to borrow $2.8 billion, the largest loan deal since the property crash and global financial crisis, with the $1.6 billion conventional tranche priced just 350 points above Libor.
The Financial Times reports that HSBC, Citi and Emirates NBD are co-ordinating the conventional funding while the $1.2 billion Islamic tranche is being led by Standard Chartered and Dubai Islamic Bank. The Investment Corporation of Dubai is a holding group whose assets include Emirates Airline and Dubai Aluminium, two of Dubai’s most profitable wholly state-owned companies.
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