Dubai's government says it has issued a $500-million (U.S.) bond, attracting strong investor interest in the onetime Gulf boomtown after its crippling debt crisis.
A statement issued Thursday says the 10-year bond was three times oversubscribed at a yield of 5.59 per cent. Last year Dubai issued a five-year bond issued at 6.7 per cent.
Dubai is still trying to climb out of a debt crunch that led to cancellation or delays in many projects and required a $10-billion bailout from its oil-rich neighbour Abu Dhabi.
Despite the sharp construction slump, Dubai last year finished the world's tallest building, the Burj Khalifa.Report Typo/Error