Emirates Bond After Dubai Signals Corporate Allure: Arab Credit - Bloomberg

Dubai companies are set to pick up the pace of bond sales to profit from lower borrowing costs after yields plunged last week at an offering by the sheikhdom, according to the United Arab Emirates’ biggest bank.
Sales by Dubai-based entities are likely to surpass last year’s $6.95 billion, according to Mohammad Kamran Wajid, head of Emirates NBD (EMIRATES) PJSC’s investment banking unit. The government lowered its costs by 40 percent when it sold 10-year Islamic bonds on Jan. 22, while also raising debut 30-year debt. Emirates, the world’s largest airline by international traffic, and Dubai Electricity & Water Authority will probably follow the government’s lead, Wajid said.
“Every entity that has been to the market before will be there in the market” this year, Wajid, chief executive officer of Emirates NBD Capital Ltd., said in a Jan. 27 interview. “All major debt restructurings are more or less done, the Dubai growth story has always been there and there’s a lot of confidence now in Dubai on the debt-management side.”
Emirates Bond After Dubai Signals Corporate Allure: Arab Credit - Bloomberg