DEWA to meet with bond investors this week
DEWA first GRE to enter bond markets since Dubai World refinancing
In what could be the first move by a Dubai government-related entity (GRE) to tap the global bond markets since the Dubai World debt announcement in November last year, Dubai Electricity & Water Authority (DEWA) is reported as planning to meet with bond investors this week.
Bloomberg cited “two people familiar with the matter” as saying that DEWA would meet investors in Asia, Europe and the US, and that Citigroup, Standard Chartered, Royal Bank of Scotland Group and National Bank of Abu Dhabi has been hired to arrange the meetings.
In late March, UAE newspaper Al Ittihad said that talks over a potential $1.5bn bond had been delayed due to “administrative matters”.
DEWA chairman Mohammed Saeed Al Tayer said in early March that the money would be used to cover short-term financing.
The utility had announced its plans to settle a $2bn bond in the first quarter of 2010 as early as the beginning of December last year, but the Dubai World refinancing announcement meant that the timing has been uncertain.
In May last year, DEWA successfully pulled off $2.2bn in refinancing with the help of 18 banks.