Dewa to issue $1.5bn bond soon

State-owned utilities firm Dubai Electricity and Water Authority is to soon issue $1.5 billion in bonds to cover its short-term financing needs. (EB FILE)

Published Tuesday, March 09, 2010

By Reuters

State-owned utilities firm Dubai Electricity and Water Authority (Dewa) will soon issue $1.5 billion in bonds to cover its short-term financing needs, its chairman said on Tuesday.

"We plan to issue bonds to cover short-term financing. It's $1.5 billion. It will be soon. They are working on it, to get the best rate," chairman Matar Humaid Al Tayer said,on the sidelines of a conference.

Al Tayer said more issuance may follow if needed.

Dewa had abandoned plans to tap international debt markets with a $1.5 billion issue after Dubai World in November said it would restructure about $26 billion of its debts.

The Dubai World announcement at the time hiked the pricing burden on potential issuers.

Dubai World is expected to propose a plan to creditors this week.

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