Bloomberg News

Dubai Holding, Emaar Yield Declines Amid Dubai Bank Takeover

October 11, 2011

Oct. 11 (Bloomberg) -- The yield on Dubai Holding Commercial Operations bond and on Emaar Properties PJSC’s sukuk fell as Emirates NBD PJSC said it will take over Dubai Bank.

The rate on Dubai Holding’s 4.75 percent bond maturing January 2014 dropped six basis points, or 0.06 percentage point, to 17.86 percent, the lowest in a week, at 11:12 a.m. in Dubai. The yield on Emaar’s 8.5 percent sukuk maturing August 2016 fell eight basis points to 8.94 percent, according to Bloomberg prices.

Dubai Bank, an Islamic lender owned by Dubai Holding LLC and Emaar, was rescued by Dubai’s government in May after loan losses increased. Dubai Holding, a company owned by Dubai’s ruler, held a 70 percent stake in Dubai Bank, while Emaar owned the rest.

To contact the reporter on this story: Claudia Maedler in Dubai at cmaedler@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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