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Dubai civil aviation may issue US$1 billion bond to repay debt
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Sun October 18, 2009 11:37 pm
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UAE. Dubai Civil Aviation Authority may issue bonds to refinance US$1 billion in debt maturing next month Bloomberg reported, citing  two bankers familiar with the transaction.

Dubai Civil Aviation hired UBS AG, Dubai Islamic Bank, Standard Chartered Plc and Bank of Tokyo-Mitsubishi UFJ Ltd. to manage the Islamic and conventional bond sale, according to the bankers who declined to be identified because details of the deal are private.

The state-owned company raised US$1 billion in 2004 through Dubai Global Sukuk FZCO. The Islamic bonds mature on November 4.

The new issue may signal the return of Dubai state-owned companies to the public debt market after the real-estate slump caused by the global credit crisis dried up funding.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
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UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
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