Dubai Holding plans to sell bonds worth $3.5 billion (Dh13bn) to finance operations and could tap the market this quarter, bankers said on Tuesday.
Dubai Holding Commercial, which comprises five telecom, real estate and hotel businesses, sold $2.46 billion worth of bonds in three tranches in January 2007 to refinance debt.
Barclays Capital, one of the banks arranging the sale, has approached regional and international lenders to buy into the issue, two bankers who had been approached said on terms of anonymity.
The issue would be multi-currency, they said, adding Dubai Holding was aiming to sell the bonds in the first quarter depending on market conditions. (Reuters)
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