‘Ratan Tata never jumped queues’: UAE business leaders share life lessons they learnt from the titan
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"The order book registered over five times interest from more than 265 accounts," the company said in a statement.
"The book was highly diversified with 60 per cent of orders coming from the UK, Benelux 8 per cent, Germany 8 per cent, Italy 6 per cent, Asia 5 per cent, Switzerland 4 per cent, Middle East 4 per cent, France 2 per cent, Scandinavia 2 per cent and other 2 per cent," the statement said. Banks said on Thursday that Dubai Holding Commercial, which has telecom, real estate and hotel businesses, sold the bonds in three tranches: $500 million for five years priced at 42 basis points over LIBOR, 750 million euros ($974 million) maturing in seven years at 59 basis points over mid swaps and 500 million pounds ($985 million) for 10 years at 105 basis points over gilts.
"Our transaction demonstrates large international investor demand for Dubai and regional bonds. Our bond will serve as a liquid benchmark for future issuance out of Dubai and the region," Dubai Holding's Chief Executive Fadel Al Ali said in the statement.
HSBC Holdings and JP Morgan Chase & Co. arranged the sale. Dubai Holding Commercial owed 3.8 billion dirhams ($1.04 billion) as of Oct. 31, according to the bond prospectus which said group profits tripled in 2005 to 1.61 billion dirhams.
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