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Article: UAE: MOODY'S: UAE-SUBSCRIBED BOND ISSUANCE SUPPORTIVE FOR DUBAI'S RATINGS REVIEW.

Article from:
IPR Strategic Business Information Database
Article date:
February 23, 2009
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Yesterday, the federal government of the United Arab Emirates (UAE) announced that it had provided financial support for Dubai's government. This support was provided through the central bank, which purchased a $10 billion bond issued by the government of Dubai under a $20 billion programme. The senior unsecured bond carries a fixed interest rate of four percent per annum and has a five year maturity. The federal news agency, WAM, stated: "this issuance will provide the Dubai Government with the necessary liquidity to substitute the liquidity that has dried up globally in the last 12 months and accordingly meet all upcoming financial obligations". This statement ...

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