Dubai raised $1.25 billion in 10- year sukuk and its first 30-year bonds as the Persian Gulf emirate took advantage of tumbling borrowing costs, according to six people familiar with the matter.
The government sold $750 million in Islamic bonds at 3.875 percent and $500 million in 30-year notes at 5.375 percent, according to the people, who asked not to be named because the details are private. Dubai last tapped global bond markets in April when it borrowed a similar amount, including $650 million of 10-year sukuk at a 6.45 percent coupon.
Dubai’s borrowing costs have tumbled as the emirate’s economy recovers from the brink of default in 2009. The government plans to more than double economic growth to an average of 4.6 percent through 2015, according to the bond prospectus, compared with 1.75 percent between 2008 and 2011.
Dubai Said to Sell Sukuk, Debt 30-Year Bonds Amid Rally - Bloomberg
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