UPDATE 3-Dubai plans comeback to debt markets amid sharp economic downturn - Reuters:
Dubai has hired banks to advise it on its comeback to the international debt markets as the Middle East trade and tourism hub seeks to bolster finances hit by the coronavirus pandemic.
It is planning to issue U.S. dollar-denominated 10-year Islamic bonds, or sukuk, and 30-year conventional bonds, a document issued by one of the banks leading the deal showed.
Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered will arrange investor calls, which will begin on Monday, ahead of the potential debt offering.
The planned deals will be of benchmark size, which generally means upwards of $500 million, as part of a $6 billion sukuk issuance programme and of a $5 billion bond issuance programme, the document showed.
A banking source estimated the issuance could be around $2 billion.
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