DEWA succeeds in promoting bonds for $2bn

15/10/2010 - Dubai Investment News
DEWA succeeds in promoting bonds for $2bn

Posted by Bob Brunskill

The Dubai Electricity and Water Authority (DEWA) has reported successfully accessing the international debt capital markets by raising a total of $2 billion from new bond issuances.

According to DEWA, the transaction represents its second foray into the US dollar debt capital markets this year and was met with "material demand from the international fixed income community".

The proceeds of the fund raising exercise are intended to support DEWA's capital expenditure and other investment plans.

DEWA is a 100 per cent government of Dubai-owned entity and benefits from being the sole provider of potable water and electricity to the emirate by government decree.

Commenting on the bond deals, Saeed Mohammad Al Tayer, managing director of DEWA, said: "We are delighted to have established longer-dated maturities for the company which will support our capex plans and other investments."

Citi, Credit Agricole Corporate & Investment Bank, the National Bank of Abu Dhabi, Standard Chartered Bank and the Royal Bank of Scotland acted as joint-bookrunners on the offering.
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