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Emaar convert slipstreams Dubai

Dubai-based developer Emaar Properties raised $450m from the sale of five year convertible bonds, scoring a big hit with fixed income investors attracted by a chunky coupon that offered a premium over a Government of Dubai issue also launched on Wednesday. A $50m greenshoe could yet to be exercised since the bonds traded strongly in the grey market, up one to two points, and the books were multiple times covered.

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