9 March 2010 - UAE state-owned utility Dubai Electricity and Water Authority (DEWA) is to soon issue $1.5bn in bonds to cover its short-term financing needs.

 

"We plan to issue bonds to cover short-term financing. It's $1.5bn. 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, reported Reuters. Al Tayer said more issuance may follow if needed.

 

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