Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, is planning an issue of U.S. dollar-denominated bonds amid expectations of lower revenues from its assets due to the coronavirus crisis.
It has hired banks including Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan and Standard Chartered, to arrange investor calls ahead of the issuance, a document from one the banks showed on Monday.
ICD, which as of the end of last year had total assets worth around $305 billion, owns stakes in Emirates airline and Dubai's biggest bank, Emirates NBD ENBD.DU.
The planned fixed rate, long five-year senior unsecured conventional bonds are part of a $2.5 billion bond issuance programme, according to the document.
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