Middle East deal of the year – Emirate of Dubai

Middle East deal of the year – Emirate of Dubai

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Issuer: Government of Dubai
Size of deal: $1.25 billion
Date of issue: September 29, 2010
Tranche size: $500 million (2015); $750 million (2020)
Coupon: 6.7%; 7.75%
Spread: UST + 542.7bp; UST + 527bp

Dubai’s dual-tranche dollar transaction marked the return to prominence for the emirate after the resolution of the Dubai World crisis, which dented investor confidence at the end of 2009.

According to Abdul Rahman Al Saleh, director-general in the Dubai government’s finance department, the deal highlight

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