ISR Awards

		Calyon rewarded at the ISR Awards in the category Emerging Markets
		Calyon won one of the ISR Awards 2007 in the category: Emerging Markets - Deal of the Year 2007 with the Dubai Electricity and Water Authority (DEWA). Calyon is Joint Lead Arranger of this up to USD 2 Bio financing tranche backed by a pool of utility bill receivables securitization program (part of a USD 4 Bio program). Calyon thus contributes to the financing of DEWA's USD 15 Bio capex programme, which is critical to the continuation of Dubai's burgeoning growth. This financing successfully implements the largest ever securitization in the Middle East and the first ever for the utility asset class including future receivables. The successful execution provides DEWA with long term cost effective financing in large amounts. Besides, diversification in the investor base gives DEWA headroom for additional bank and investor's commitments. Proper structuring enabled a successfull first funding in good conditions on August 16th 2007, despite being in the midst of 2007 money market crisis.

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