Dubai shows strength of ICD while Salik gets reverse flex

Big demand for the $800m six year transportation loan secured by toll road revenues for Dubai-based SPV Salik 1 has enabled the borrower to reverse flex the margin on the deal by 25bp. A $2.8bn five year loan for Dubai investment vehicle Investment Corporation of Dubai (ICD) was also oversubscribed, raising $3bn from a targeted group of lenders.