Dubai Electricity and Water Authority (DEWA) closed its $1 billion securitization transaction backed by utility receivables that was managed by ABN AMRO Bank and Calyon Securities.
The financing is part of an existing securitization program established in July 2007, which ring-fences future revenues from utility bills as security against its bonds.
The lead arranging banks provide the financing through ABCP conduits sponsored by them. The program is the first securitization in the Middle East region to be rated by all three rating agencies. The Dubai office of Clifford Chance was the adviser on the deal.