Dubai to launch $1bn bond sale

The Kingdom of Dubai will seek to raise about $1bn (£638m) from a bond sale next week, tapping the market for the first time since Dubai World’s $24.9bn debt restructuring. HSBC Holdings, Deutsche Bank and Standard Chartered have been hired to manage the sale of the five to seven-year bonds, which is likely to be completed by 27 September. Dubai’s government last sold bonds earlier this year in October, when the Department of Finance raised $1.93bn from five year, fixed and floating-rate Islamic notes.