The devil, as ever, is in the details. Dubai's US$1.5 billion (Dh5.51bn) sukuk issue last week set a benchmark for issuers in the Gulf region, and was lapped up by a fixed-interest market eager to take part in the emirate's economic recovery.
But, judging by the 135-page prospectus that potential investors were required to peruse before they made their decisions, it was not plain sailing all the way to the three times over-subscription the issue eventually commanded.
Deutsche Bank and other advisers to the sukuk must have burned the midnight oil on many occasions as they prepared a watertight case for Dubai's creditworthiness.
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