Dubai sovereign debt pushed up to $54.8bn but ‘stabilising’ | The National:
"The Dubai government’s recent sukuk sale has pushed up sovereign debt to US$54.8 billion but general indebtedness is “stabilising”, says Bank of America Merrill Lynch.
The Department of Finance last week issued a $750 million, 15-year sukuk priced at 5 per cent, the first bond sale by the emirate in more than a year.
BAML said the proceeds would be used to help repay a $1.9bn sukuk due in November.
“Dubai sovereign debt appears to be stabilising, in line with our view that the growth recovery would ease deleveraging trends at the sovereign level,” wrote Jean-Michel Saliba, a BAML economist and author of the research note, released yesterday."
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