Dubai’s flagship investment vehicle is in talks with banks to launch its first Islamic bond, three sources with knowledge of the matter said, tapping improved sentiment towards the emirate in a bid to diversify its funding sources.
Although talks are at an early stage, Investment Corporation of Dubai (ICD), which controls some of Dubai’s top companies, expects to complete a deal this year, one of sources said.
ICD is taking advantage of increased demand for Dubai debt, which has benefited from international investors seeking emerging market assets, but also improved sentiment driven by a recovery in the local economy and state-linked debt restructurings.
Dubai’s five-year credit default swap, an indicator of how likely a borrower is to miss debt repayments, dropped in the year to Feb. 21 to 222.4 basis points from around 400 basis points, according to Thomson Reuters data.
Last month Dubai attracted over $9 billion in bids for a$750 million, 10-year Islamic bond, or sukuk.
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