New Issue: Dubai Electricity and Water prices $1 billion 3% notes due 2018 at par

By Christine Van Dusen

Atlanta, Feb. 28 - Dubai Electricity and Water Authority sold $1 billion five-year notes at par to yield 3%, or mid-swaps plus 223.4 basis points, a market source said.

The notes were talked at the low-3% area.

Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, RBS and Standard Chartered Bank were the bookrunners for the Regulation S deal.

The proceeds will be used to refinance debt and invest in company projects.

Issuer:	Dubai Electricity and Water Authority
Amount:	$1 billion
Maturity:	March 5, 2018
Description:	Notes
Bookrunners:	Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, RBS, Standard Chartered Bank
Coupon:	3%
Price:	Par
Yield:	3%
Spread:	Mid-swaps plus 223.4 bps
Trade date:	Feb. 28
Settlement date:	March 5
Distribution:	Regulation S
Price talk:	Low-3% area

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