IslamicFinance.de

Dubai Electricity and Water Authority plans to issue sukuk of at least US$500m this week, after releasing early price guidance for the deal on Tuesday. DEWA is aiming to sell the dollar-denominated sukuk at a profit rate in the low 3 percent area. The sukuk is widely expected to attract strong investor demand. Standard Chartered, Citigroup, RBS and local lenders Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank are mandated joint bookrunners on the deal.

Dubai Electricity and Water Authority (DEWA) considers the launch of a sukuk next year. The initiative shall be part of DEWA's refinancing plans. Other products in combination with the sukuk, such as securitisation, will also be included. The issuance is expected to lead to benefits from lower borrowing costs. The money gained is intended to be used for repayment instead of investment.

More on: http://in.reuters.com/article/2012/09/24/dewa-sukuk-idINL5E8KO12U20120924