Dubai utility reopens debt market

Dubai Electricity and Water Authority (DEWA) has placed a $1bn, five-year bond, DEWA said yesterday, the first bond from Dubai since its debt troubles emerged. The bond will pay a semi-annual coupon of 8.5 per cent, DEWA said. Gulf firms have found it difficult to tap the debt market ever since state-owned conglomerate Dubai World said in November that it needed to delay repayment on $26bn in debt.