UAE News: Dubai Considers Private Debt to Bolster Finances - Bloomberg:
Dubai is in talks to raise billions of dollars of debt privately instead of following Gulf neighbors by tapping public markets, as the emirate looks to bolster its finances and mitigate the economic fallout of the coronavirus pandemic.
The Middle East’s main business hub is discussing loans and private placements with around a dozen international and domestic banks, according to people with knowledge of the matter.
The emirate is seeking loans of 1 billion dirhams ($272 million) to 2 billion dirhams from each lender and asking them to find fixed-income investors to buy private placements, said one of the people, who asked not to be named. Dubai would probably repay the debt with a public bond in the next five years, they said.
Dubai is in talks to raise billions of dollars of debt privately instead of following Gulf neighbors by tapping public markets, as the emirate looks to bolster its finances and mitigate the economic fallout of the coronavirus pandemic.
The Middle East’s main business hub is discussing loans and private placements with around a dozen international and domestic banks, according to people with knowledge of the matter.
The emirate is seeking loans of 1 billion dirhams ($272 million) to 2 billion dirhams from each lender and asking them to find fixed-income investors to buy private placements, said one of the people, who asked not to be named. Dubai would probably repay the debt with a public bond in the next five years, they said.
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